Blacks Leisure set to enter pre-pack administration
Fri, 06 Jan 2012 | ADMINISTRATION
Outdoor clothing retailer Blacks Leisure is to enter pre-pack administration to facilitate a takeover deal, after receiving several final offers for most of the business, and is due to announce a deal in the next few days.
Once a definite onward sale has been agreed, the firm is expected to bring in administrators from KPMG to manage the pre-pack administration deal.
The Blacks stores will trade while this is taking place. The sale comprises the company’s key trade, assets and brands. It owns 98 Blacks shops, 208 Millets outlets and the Eurohike and Peter Storm brands, and has a 3,500-strong workforce.
The pre-pack administration will enable Blacks to shrug off its £36 million debts, and close down any loss-making business. It is predicted that a buyer will close down or implement job losses at Blacks’ headquarters and warehouse in Northampton.
Potential new owners are thought to include JD Sports, Dragon’s Den celebrity Peter Jones and Newcastle United owner Mike Ashley. Sports Direct, also owned by Mike Ashley, has a 22.5 per cent holding in Blacks due to be wiped out soon, and has no interest in purchasing the rest of the firm.
Previous story - Sale process begins for troubled Blacks Leisure.
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