Wed, 02 May 2018 | ADMINISTRATION
Another of the UK’s most recognisable high street brands could be up for sale as fashion retailer Bench confirmed it had filed for administration.
In a notice issued to shareholders and staff today, Bench said that it had filed an application with the relevant UK authorities despite spending the past few months working “tireless” on turning the business around.
The firm said that difficulties facing the UK retail market – which have seen many high street names fold or enter administration – as well as a one-off major logistics issue in 2016 were major contributing factors to a recent downturn.
Bench was founded in Manchester in 1989 and originally sold graphic T-shirts with designs inspired by skateboarding. It has since evolved into a global lifestyle brand, encompassing menswear and womenswear, and currently has 20 UK stores and 15 German retail locations.
The stores will remain open during the administration, Bench’s owners say, with operations continuing as usual in the immediate future. No staff cuts have been announced, though 176 UK jobs and 170 German positions may be at risk.
Bench’s CEO, Barry Knight, said that despite widespread efforts to keep the company alive – alongside several cash injections from the firm’s owner – the company’s management were “not able to get the company onto a sustainable economic footing”.
He added: “We faced a lot of headwind due to the devaluation of the British pound, the competitiveness and the declining market in our fashion segment. Ultimately, it was not possible for us to generate further liquidity for the company, on either an equity or on a debt basis.
“Our task now, together with the administrator, is to achieve the best possible outcome in this situation”.
Indicative offers are required by close of business Monday 20th July. Long established business, founded in 1996. Good core, repeat business customers. Bonded warehouse. Established brand name.
Designs, supplies and installs fibre optic and IT cabling solutions for clients throughout the UK and Europe. Offers electrical, structured cabling and network/Wi-Fi solutions, AV equipment and LAN/ethernet, in addition to project management, consult...
LEASEHOLD
Imports an extensive selection of toys and gifts, which are sold to trade customers throughout the UK and internationally. Has established a strong reputation within its sector for its innovative product range, competitive prices and exceptional serv...
FREEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
|
10
|
|
Jul
|
Mobile phone supplier and recycler goes into administration | ADMINISTRATION
Mobile phone refurbishment company Redeem UK has gone into a...
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