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.”
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