Updated: 9th February 2016
The British fashion retailer Ben Sherman has been acquired through a pre-pack administration deal.
American company Marquee Brands, which is backed by private equity finance, bought Ben Sherman in July 2015 but has now sold its UK retail operations to Leeds-based BMB Clothing Limited.
While Marquee will continue to own the brand, a licensing agreement will see BMB Clothing operate the stores.
Three Ben Sherman stores in London are set to close following the pre-pack administration process but all other Ben Sherman outlets around the UK are set to remain operational.
A total of 100 jobs are potentially in jeopardy across Ben Sherman’s retail operations in the UK, with 20 jobs set to go directly as a result of the London outlet closures.
Statements on the subject from Marquee Brands explain that it arrived at its decision to enter Ben Sherman into a pre-pack administration while retaining ownership of the brand after conducting a “business review” and an “employee consultation” process.
“Marquee remains very optimistic about the brand’s future and with this newly formed partnership, the opportunities for growth are limitless,” a recent statement from the New York-based company read.
“Marquee looks forward to unlocking this brand's true potential as specialised territories and categories will be managed by best in class local partners.”
Ben Sherman was founded in Brighton in the early 1960s and its clothing has been adopted by leading figures within several popular music movements over the past 50 years.
The brand became closely associated with British bands including The Jam and The Who during the 1970s and with the likes of Oasis and Blur during the 1990s and the so-called Britpop era of British music.
When his company acquired Ben Sherman’s brand and business in July 2015, Marquee Brands’ chief operating officer Cory Baker said: “Ben Sherman remains a uniquely classic British brand with a loyal following across five continents and a smartness that’s ageless.”
Ben Sherman wholesale and retail operations in Germany, Austria, the Netherlands and Switzerland are to be taken over by an unnamed licensee based in Germany. Real Business Rescue provide director advice online, over the phone, or in-person at one of our 100 UK offices or a place of your convenience.