Americana not for sale – yet, says boss
THE chief executive of Americana International, the owner of the fashion label Bench, has played down reports that the business has been put up for sale by its private equity owner, Hg Capital.
Peter McGuigan, the former boss of sportswear brand Umbro who was hired by Hg Capital to expand the business overseas, told TheBusinessDesk.com that a decision on where to sell had not been taken yet.
With its “most exciting chapter ahead”, he said the business would be valued “significantly higher” than the £250m suggested in the weekend press.
“The business is doing really well. We have had a number of approaches from a number of parties recently, but we have not decided whether or not to sell, this may change in the near future. This decision will be made in the next few weeks.”
Bench, which made ebitda of £26.6m on turnover of £126n in 2010 is preparing for launch in China and the US later this year.
“It’s trading well, driven by the international growth – we’re now in 26 markets outside the UK. We have got some good plans for the next three to five years, which I believe will be the most exciting in Bench’s history.”
He said the domestic market is becoming “less and less important” to Americana, with international growth set to account for up to 80% of all sales in future. Currently 50% of turnover comes from these shores.
