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Ascent to lift Pulp

WEST PERTH-based Ascent Capital is behind an attempt to revive ailing Sydney-based Signature Brands Ltd, the parent company of Pulp Juice Bars, after launching a prospectus today for three separate offers. Founded by David and Gary Steinepreis, Ascent is a specialist in reviving failed companies and recorporatising shells. It has backed the brand development company’s aims to raise $2.1 million to continue the operation of Pulp franchises, increase the company’s current activities and pursue new projects. The company, which also used to manage Olivia Newton-John’s Koala Blue wine label and Brian Rochford swimwear, went into administration in March this year after directors decided it either was, or would become, insolvent. With shareholders approving a recapitalisation of the company in August, Signature was released from administration on September 13, after funding from Ascent.

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