Ben Sherman sold to BMB Clothing in pre-packaged deal

US firm Marquee Brands, which acquired Ben Sherman last summer for 41 million pounds, has sold the British fashion retailer through a pre-packaged administration deal.

BSGL 1963, the UK license holder for Ben Sherman has been acquired by Leeds-based menswear supplier BMB Clothing Limited. Marquee Brands will continue to own the brand, but BMB Clothing will operate the stores through the pre-package agreement. In addition, BMB has acquired the e-commerce and wholesale operations of the business and will over see the brand’s concession in House of Fraser

Ben Sherman was placed into administration before being acquired by BMB, as part of the pre-packaged deal, a move which sees the company shedding all its debt. News of the sale comes not long after all positions at Ben Sherman’s UK head office were put “at risk” as the company underwent a period of consultation as the new owners aimed to restructure.

However, thanks to the deal a number of positions at Ben Sherman’s UK head office in will be kept, with approximately 80-85 roles remaining under review. The deal will also see three of the ten Ben Sherman stores shut, in Islington, Portobello and Covent Garden, London, leading to the loss of 20 roles. Ben Sherman’s head office in Clerkenwell, London, is also up for sale.

“The future of the Ben Sherman brand in the UK and greater Europe has been ensured with the announcement of a strategic partnership between Marquee brands and BMB Clothing,” said the company in a statement to Drapers. “This exciting new relationship has also fundamental enhanced the position of the company. The entire UK business including the e-commerce and wholesale sectors have been reviewed and a new model was device where all customers will be seamlessly transferred to the new licensee.”