Hot Tuna in danger of sinking

Hot Tuna, the surfwear business best known for its piranha logo, suffered further heavy losses yesterday as it admitted it needed a buyer to rescue the brand.

The company, which sells “edgy surf/streetwear” in the UK, US and Australia, said underlying losses were £862,000 in the year to 30 June after sales more than halved to just £207,000.

Hot Tuna originated in Australia in 1969 “to serve the demands of sojourning surfers” and was bought from a consortium of investors in 2005 before listing on the London market, where it appointed supermodel Elle Macpherson to its board.

But the group put itself up for sale in November after it admitted that sales had not met targets and the business was unlikely to be able to stay afloat throughout 2012.

The firm said its brand had received strong interest and it expected to put a purchase offer to shareholders in January. Its shares closed more than 36 per cent down yesterday, leaving the company with a market value of just over £1.8 million.