0800 644 6080
Call FREE from Landline and Mobile
Est. 1989

Fashion Retailer ‘Bank’ Enters Administration

Written by: Keith Tully

Published: 5th January 2015


The New Year has brought grim news in the world of retail as Bank, the well-known fashion chain headquartered in Greater Manchester, has fallen into administration.

The high-street retailer, which has 84 stores and 1,555 employees across the UK, recorded a loss of £8.1m in the year ending February 1, 2014

In its statement, Deloitte partner and joint administrator Bill Dawson said: “Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years.

"A review of the business has determined that a solvent turnaround would not be possible."

The administrators will continue trading Bank as a going concern with a view to finding interested parties for some or all of the business.

Mr Dawson added that the company had already been approached by several parties who had expressed an interest in the business.

Deloitte said all stores were open as usual and staff had been paid.

The administration news comes just six weeks after the chain was sold by JD Sports to a subsidiary of Hilco, the specialist retail investor.

It is understood that Hilco appointed a chief restructuring officer to try to draw up a turnaround plan for Bank, but could not find a solution. Hilco did not buy the secured debt on Bank, so it will be low on the list of creditors eligible for a payout from the administration.

Keith Tully

Keith Tully

Join Keith Tully on Linked In Follow Keith Tully on Twitter

Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

Meet our Team of Experts
Director Support - Business suffering from Cash-Flow Problems?
If your company is financially distressed, we also offer the below services:
Business debt recovery

  • Recover Unpaid Invoices of £5k+
  • Expert Credit Control Services
  • Stop Late Payers & Bad Debts
Visit Site
Time to pay experts

  • Get Breathing Space with HMRC
  • Support with Business Tax Arrears
  • 35 Years HMRC Negotiation
Visit Site
UK Business Finance

  • Rejected for a CBILS Loan?
  • Get Emergency Business Funding
  • Supporting 1000+ UK Companies
Visit Site
Who we help
  • Company Directors
  • Finance Directors
  • Sole Traders
  • Accountants
  • Small Businesses
  • Large Businesses
  • Partnerships
Contact our team
Jonathan Munnery
Gillian Sayburn
Julie Palmer
or Find your Nearest Office

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Business Rescue Advice for Directors
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
  • How to manage company cash flow problems
  • Advice on dealing with HMRC
  • Understanding rescue and closure options
  • And much more...
Free Guide Download
Dealing with your Insolvent Clients
Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
  • Helping you advise insolvent clients
  • Spotting signs of client distress
  • Exploring business rescue options
  • And much more...
Free Guide Download
Our numbers speak for themselves
Number of UK Offices
Directors Helped
Licensed Insolvency Practitioners