Administrators begin selling off Bank’s IP assets
Administrators for the collapsed Bank fashion chain have begun the process for selling off the brand and intellectual property assets of the business.
The sale includes the Bank brand and related intellectual property assets including trademarks, the bankfashion.co.uk domain name and customer database as well as a number of menswear and womenswear brands such as Ribbon, Heaven Sent, Kitsch Couture, Fred & Boston, Irreverence, Tortured Genius, Subsocial, Turn & Face and Bishoujo.
The brand’s social media following is also included in the sale.
Bank traded online and from its chain of 84 stores across the UK. It went into administration in January following a period of losses.
The sale is being conducted by intellectual property specialists Metis Partners following instruction by administrators Deloitte.
Nat Baldwin of Metis Partners said: “These are major brands which have a strong and loyal following and Bank Fashion has had a significant presence in UK retail for more than 20 years.
“From its beginnings as a single store in Stockport, it has consistently committed to bringing catwalk trends to the high street. Its annual turnover has exceeded £100 million in the last four full years.”
The joint administrators have set a deadline for offers of noon on Wednesday 15 April. The company’s intellectual property assets have been divided into 10 lots, for which offers are to be made separately. A minimum offer level of £150,000 has been set for the Bank brand.
