Emeram-backed Bench enters adminstration

The business has reportedly attributed its troubles to headwinds related to the post-EU-referendum devaluation of sterling, in addition to increased competition within its segment.

However, in its most recent publicly available accounts, for the year ending June 2016 – the month in which the UK voted to leave the European Union – Bench's parent group Emeram Urbanics Holding generated a turnover of £53.6m and an operating loss of £14.1m. The business has extensive operations in Germany, with the UK market accounting for 38% of its turnover in the 2016 financial year, and continental Europe (including Germany) accounting for 53%.

Emeram acquired Bench (at the time known as Americana International) from Hg in February 2014 in a deal estimated by Unquote Data to be worth in the region of £50-100m.

The development is the latest sign of trouble in the UK consumer sector, as recently reported by Unquote. At the end of February, Rutland Partners-backed electronics retailer Maplin Electronics entered into administration, and Endless announced the divestment of footwear retailer Jones the Bootmaker to Pavers with a concession that the fortunes of the business "could not be turned around" due to adverse retail conditions. This was followed in March by TPG Capital's Italian-themed restaurant chain Prezzo, as well as Brait Private Equity-backed clothing and accessories retailer New Look, pursuing company voluntary arrangements (CVA).

At the time of publication, Unquote was awaiting a response to requests for comment from Bench and Emeram.

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• bankruptcy
• Brexit