Tue, 25 Nov 2014 | BUSINESS SALE
JD Sports has set in motion a sell off of its flagging fashion retailer Bank to Hilco Capital.
The news emerges just over a week since JD Sports asked landlords to reduce the rents for about a quarter of Banks’ outlets, and had even been considering an insolvency procedure.
Executive chairman Peter Cowgill said at the time that about 20 Bank stores were loss-making and that they were aiming to step around insolvency by discussing rate reductions with the landlords.
JD Sports, which itself is performing admirably with sales exceeding £1.25 million for 2013, bought Bank Stores in December 2007 for about £18 million. The retailer sells fashion brands including Adidas Originals, Henleys, Firetrap, Vans, Lipsy and Alu.
Bank posted operating losses of £8.1 million for the year ending 1 February 2014.
In discussing the sale Mr Cowgill said: "We have decided that we must prioritise future investment in the sports fascias and consequently we believe that the sale of Bank is in the best interests of the group. We shall continue to support the broadest possible range of fashion brands within the group."
It is anticipated the disposal will ease pressure on JD Sports and will mean a “substantial recovery” of its intercompany loan.
______________________________________________________________
Related information:
Off market business search
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
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
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
29
|
Sep
|
JD Sports marks foray into beauty sector with Hairburst stake acquisition | BUSINESS SALE
Sports retailer JD Sports has acquired a majority stake in o...
11
|
May
|
JD Sports continues acquisition spree with Oi Polloi deal | BUSINESS SALE
Sports retailer JD Sports has continued its acquisition spre...
04
|
Feb
|
JD Sports bolsters acquisition war chest with fundraising | BUSINESS NEWS
JD Sports plans to raise around £464 million through a...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.