KPMG ADMINISTRATORS have sold Blacks Leisure to JD Sports as part of a pre-pack administration.
On appointment they sold the business to former competitor JD Sports which acquired all assets including, 302 stores operating under Blacks and Millets brands and 3,500 staff. There has been no redundancies.
A pre-pack administration entails the whole or part of a sale arranged prior to a business entering an insolvency process and sold immediately on appointment of administrators.
Fleming, partner and UK head of restructuring at KPMG, said: “Today’s sale allows the continued trading of all the shops. A sale via ‘pre-pack’ administration was required to rescue as much of the business as possible.
“Blacks has struggled, in tough economic conditions, to generate enough cash to service its high overhead costs. However, Blacks has a strong brand and accordingly generated a huge amount of buyer interest from some of the best known entrepreneurs and competitors in the market.”
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children