Mon, 07 May 2018 | ADMINISTRATION
High street fashion brand Bench, which was founded in 1989, has filed for administration after revealing it is struggling to remain on a "sustainable economic footing".
According to Barry Knight, chief executive of Bench Ltd, the company has worked hard to turnaround the business, but high street pressures and financial concerns have resulted in Bench calling in administrators.
Specifically, Mr Knight revealed that additional capital has already been invested in the firm on a number of occasions to boost store numbers and prevent it from succumbing to a "declining market" in the face of tough competition.
Mr Knight confirmed that the company is still pursuing the possibility of a sale, and is actively seeking buyers with the help of administrators.
"Ultimately, it was not possible for us to generate further liquidity for the company, on either an equity or on a debt basis," Mr Knight said. "As a result, we have no alternative but to go into administration."
"Our task now, together with the administrator, is to achieve the best possible outcome in this situation," he went on to add. "Despite the company's current challenges, we remain confident that the Bench brand can have a bright future."
Originally set up in Manchester, the company now has 20 stores in Britain and 15 stores across Germany, all of which are expected to stay open for trading in the short term while a buyer is sought.
The reputable Bench brand is expected to be attractive to buyers despite making a £2.3 million loss in 2016, with low consumer confidence and an increase in online shopping thought to be behind its current financial concerns.
Supplies professional hair and beauty products to customers throughout London and the South East. Has 4,000 customers, with 80% providing reliable, repeat business on an ongoing basis.
LEASEHOLD
Supplies e-bikes and related products, including mechanical bikes, powered ride-along toys and accessories, to blue-chip organisations across the UK.
LEASEHOLD
A small team of three of us focus on sales, purchasing, and administrative tasks. The business could easily be integrated within an existing team to support higher profits.
RELOCATABLE
|
20
|
|
Apr
|
Administrators appointed as UK logistics firm collapses | ADMINISTRATION
West Bromwich-based courier and logistics firm New Generatio...
|
20
|
|
Apr
|
Company insolvencies begin to rise in March as pandemic impact shows | BUSINESS NEWS
Government figures show that UK company insolvencies rose 44...
|
19
|
|
Apr
|
Peer-to-peer lending business enters administration | DIVISION SALE
Business Loan Network, a peer-to-peer lending business, has ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
02
|
|
Jul
|
Benchmark Holdings secures sale of veterinary business | BUSINESS SALE
Sheffield-headquartered aquaculture health, nutrition and ge...
|
02
|
|
May
|
Fashion retailer Bench files for administration | ADMINISTRATION
Another of the UK’s most recognisable high street bran...
|
11
|
|
Sep
|
Two patient transport service providers to merge | MERGER
Patient transport firm Medical Services (North East) has bee...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources