Ben Sherman hits the sale block

British heritage label Ben Sherman has been put down for sale by its US parent company Oxford Industries, following the publication of its full-year results on Thursday.

"Ben Sherman made great progress in 2014 and left the year with positive momentum, which we believe now positions it as an attractive acquisition target,” said Thomas C. Chubb III, CEO and President at Oxford Industries. “With the aim of achieving long-term value for our shareholders, we have concluded that the sale of Ben Sherman is the right course of action. We have initiated a sale process and expect a timely conclusion."

The US company has appointed Financo, to act as financial adviser for the sale and locate a suitable buyer, in a deal which is expected to close this year. Oxford Industries purchased Ben Sherman in 2014 for 146 million dollars, approximately 98 million pounds, but since then has struggled to remain in profit with the heritage brand. In the fourth quarter of the fiscal year 2014, net sales had grown to 25.4 million dollars compared to 20.1 million dollars in the same period of fiscal 2013.

According to financial platform Marketwatch, part of the reason behind Oxford Industries decision to sell of Ben Sherman was down to its weak financial performance in comparison to others brands owned by the company, which include Tommy Bahama and Lilly Pulitzer.