Tue, 02 Jul 2013 | BUSINESS SALE
Fashion retail business Ark has been bought out of administration by JD Sports, with the majority of stores saved.
Begbies Traynor handled the sale of the business, which saw the new owners take on ten of the company's shops. Four stores have been closed, while 40 of Ark's 200 employees have been made redundant. The current management team has been kept in place.
David Acland, partner with Begbies Traynor, said that the sale will enable JD Sports to “continue its ambitious expansion plans, following on as it does from other key strategic acquisitions earlier in the year”.
He added: “It's no secret that many retail businesses are facing a hugely challenging environment at the moment, and this deal is a welcome piece of good news for the sector.”
Ark was owned by Rett Retail Ltd and it now joins the ranks of a number of distressed acquisitions that have been snapped up by JD Sports. These include Blacks Leisure and Gio Goi. It also owns Bank, Scotts and Millets, as well as operating out of its own branded stores.
A spokesperson for the buyer said: “We are delighted to have added the Ask fascia to our young fashion offer which brings with it some leading brands and a successful own brand offer [Cloak and Hearts and Bows].
“We look forward to supporting the established management team to develop the business further.”
____________________________________________________________________________
Related articles:
Multiple retail failures after rent day
View the latest retail businesses for sale
A leading dental practice situated in the heart of London, providing exceptional dental care in a comfortable and welcoming environment.
LEASEHOLD
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Discover a leading innovator in data centre solutions, recognised as a top supplier both in the UK and internationally, with a robust consultancy arm contributing to a growing turnover.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.