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

Outdoor & Military Wear Retailer
Kent, South East, UK

Strong online presence. Amazon and eBay sales. Excellent range of products. Relocatable opportunity. Scope for growth. Offers invited.

Asking Price: £450,000
Turnover: £2,474,732

RELOCATABLE


Electrical Appliance Retailer & Wholesale
Stalybridge, Manchester, UK Wide

The business for sale is a family owned, electrical appliance retailer and wholesaler based in Stalybridge, Greater Manchester. This business sells a wide range of freestanding and integrated kitchen and home appliances from washers, dryers, sinks, k...

Asking Price: £260,000
Turnover: £938,603

LEASEHOLD


Motorsport Retailer with Unparalleled Showroom Facilities
UK Wide

Retails a diverse selection of motorsport and recreational vehicles, with a large range of models (both new and used) for multiple disciplines, and suited to children, novices, and professionals. From an impressive showroom, the company draws custome...

Asking Price: Offers Invited
Turnover: £10,000,000


View more businesses for sale

News Search

Latest News

 
13
 
Dec
 

Gateley acquires T-three | BUSINESS SALE

Commercial law and professional services firm Gateley has ac...

 
12
 
Dec
 

Appello acquires Mevivo Careline | BUSINESS SALE

Living solutions provider Appello has acquired telecare and ...

 
11
 
Dec
 

PiggyBank owner enters administration | ADMINISTRATION

DJS Limited, the parent company of payday lender PiggyBank, ...

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