Fashion brand Bench files for administration

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.


Share this article



Latest Businesses for Sale

Online Electrical Appliance Sales & Repairs Superstore
West Midlands, UK

Very long established superstore with excellent e-commerce website offering extensive market-leading product range. Offers invited.

Asking Price: £995,000
Turnover: £330,834

FREEHOLD


Licensed Gun Shop
Lincolnshire, UK Wide

Rare opportunity to acquire long established and fully licensed gunsmith with superb product range operating from extremely well fitted detached purpose-built showroom premises with regional reputation & client base in very select village locality. O...

Asking Price: £999,995
Turnover: £670,008

FREEHOLD


Home Furnishings Superstore
Wales, UK

Long established family-run Ltd Co with superb product range operating from secure spacious and extremely well fitted industrial showroom premises in fantastic retail position with excellent year-round trade. Offers invited.

Asking Price: £1,750,000
Turnover: £2,577,546

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
21
 
Feb
 

Lakeside hotel enters administration | ADMINISTRATION

A historic but well-preserved hotel located on the banks of ...

 
19
 
Feb
 

Pharmaceutical manufacturer enters administration | ADMINISTRATION

A pharmaceutical manufacturing company based in Bristol has ...

 
16
 
Feb
 

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
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...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources