Bench intellectual property assets up for sale

The intellectual property assets of Bench will be put up for sale as part of the fashion retailer and brand’s administration process.

Bench, which was founded in Manchester in 1989, filed an application to appoint administrators on April 30.

The move has placed 176 jobs at risk in its UK operations and an additional 170 jobs at risk in its German operations.

Joint administrators from BDO have now appointed Metis Partners to carry out the marketing of Bench’s intellectual property portfolio.

Interested parties have until 12noon on May 15 to submit offers or to seek additional information on the IP sale.

It is understood that Bench’s 20 UK stores and 15 German stores will remain open and operate as usual in the immediate future and no staff cuts have been announced yet.

“We faced a lot of headwind due to the devaluation of the British pound, the competitiveness and the declining market in our fashion segment,” Bench chief executive Barry Knight said at the end of last month.

“Ultimately, it was not possible for us to generate further liquidity for the company, on either an equity or on a debt basis. As a result, we have no alternative but to go into administration.”

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