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Deloitte appointed administrators to Bank Fashion Limited
5 January 2015
Bill Dawson, Daniel Smith and Paul Meadows of Deloitte, the business advisory firm, have today been appointed Joint Administrators to Bank Fashion Limited (Bank).
Bank is a fashion retailer based in Bury, Lancashire. It operates from 84 stores, primarily in the Midlands, North of England and Scotland and has 1,555 employees. No redundancies have been made at this time.
Bill Dawson, Joint Administrator and Partner in Deloitte’s Restructuring Services practice, 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 and so its director has sought the appointment of Joint Administrators. All stores are open as normal, staff have been paid and additional sale discounts will be implemented later this week. The company has already been approached by several parties who have expressed an interest in the business and the Administrators are trading as a going concern with a view to progressing these options and seeking further interested parties for some or all of the business.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited