Sports Direct International is in serious talks to take over Bench, the successful British brand of sports-inspired young fashion clothing and accessories, according to the usually well-informed Drapers magazine. The report indicates that Sports Direct is most interested in the Bench brand, which is one of the assets of a company called Americana, and that there are also others interested in its acquisition.
Americana is controlled by HG Capital, an investment company that bought it in 2007 for an enterprise value of £190 million (€226.8m-$306.2m). HG tried to sell the business last year through NM Rothschild but was unable to find a buyer at the right price. Reportedly, its sales fell by 20 percent to £125 million (€149.2m-$201.4m) in the financial year ended in June 2012, generating a sharply reduced pre-tax profit of £4.3 million (€5.1m-$6.9m). About half of the turnover is said to come from Germany.
Until 18 months ago, Americana was run by Peter McGuigan, the well-known former international director of Reebok International and former chief executive of Umbro International. He has since left and has been replaced by a former colleague, Paul Masters.
