International growth fires Americana profits

SALES and profits have surged at Americana International, the Manchester-based fashion business run by former Umbro boss and Morecambe FC owner Peter McGuigan.

International growth of the private-equity owned group behind the Bench label, was the biggest driver of the strong financial performance

Sales in the year to June 25 last year surged 21% to a record £147m, while profit rose 13% to £24.8m, allowing Hg Capital to collect a £15m dividend for a second successive year.

While growth in the UK, in terms of both wholesale and retail sales, was down 6%. European sales were 49% ahead in the year.

Last year Mr McGuigan said the business was preparing to launch in China and the US.

In January 2011 it was reported that a German private equity house was willing to pay between £250m-£300m for the business, which has its headquarters in Ardwick, but in the end this interest was not followed up amid an uncertain consumer outlook.

The latest strong figures could  raise expectations that HgCaptial, which has owned the business for five years, will consider trying to sell it.

In their report accompanying thr accounts, Americana’s directors sounded a not of caution for the remainder of 2011 and this year, with current economic conditions creating uncertainty.