Expansion drive pushes Americana sales over £100m

FASHION company Americana International – the owner of the Bench brand – has hailed a resilient performance as its drive into new markets paid off.

The private equity-owned Manchester firm, led by serial leisure entrepreneur and Morecambe FC owner Peter McGuigan, said the permance in the year to the end of June 2009 was “satisfactory”.

Since joining the Ardwick-based company Mr McGuigan has driven expansion into Germany, and boosted the number of UK retail stores.

Turnover in the year rose 30% from, £84.1m to £109m reflecting the group’s international growth.

Reflecting tough UK trading conditions, UK wholesale sales – to other retailers – fell to £40.4m from £44.2m. However, sales through its own shops climbed fom £19m to £27.7m as new stores were opened.

European wholesale sales – principally in Germany – nearly doubled, rising to £38.8m from £19.8m in 2008.

Profits dipped from £17.9m to £17.1m, but the performance was described as “good” by the directors, considering the recession.

Staff  numbers rose from 530 to 666 in the period.

Americana International Ltd was bought by private equity firm HgCapital for £190m in 2007.

Accounts for the trading company’s parent,  Americana International Holdings, which have also been filed at Companies House, showed a loss of
£8.6m, up from £7.7m in 2008.

These figures include an £8m goodwill payment, net bank interest payable of
£7.6m, other interest chartges of £6.6m and £4.2m of preference dividends.

Total group debt rose from £186m to £194m in the year, of which £90m is bank borrowings and the remainder loan notes due to HgCapital.