Partner Article

JD Sports acquires Leeds-based Ark out of administration

JD Sports has bought the business and assets of Leeds-based Ark out of administration, saving 10 stores and the majority of the fashion retailer’s jobs.

The business, which sells leading young fashion brands as well as its own brands, will continue to trade in its current form from its Leeds office and the current management team has been retained.

The sale of the business from the administrators of Rett Retail Ltd, Begbies Traynor, secures the jobs of 160 of Ark’s 200 employees.

As part of the deal, which was negotiated by joint administrators, David Acland and Lila Thomas from Begbies Traynor, uneconomic stores in Norwich, Cambridge and Merry Hill, and the Hearts and Bows store in Manchester have closed.

Tom Edge, director of Rett Retail and Ark Fashion, added: “Becoming part of the JD group is the best deal for all those involved in Rett Retail and we look forward to working with them for an exciting future.”

David Acland, partner at Begbies Traynor, said: “This sale has protected a large number of vital jobs in the retail sector.

“At the same time, it enables JD Sports to continue its ambitious expansion plans, following on as it does from other key strategic acquisitions earlier in the year.

“It is no secret that many retail businesses are facing a hugely challenging environment at the moment, and this deal is a welcome piece of good news for the sector.”

This was posted in Bdaily's Members' News section by Mark Lane .