Addleshaws and DWF lead as JD Sports buys Ark out of administration
Addleshaw Goddard and DWF have both taken lead roles on JD Sports Fashion's purchase of the business and assets of financially stricken fashion retailer Ark out of administration. The transaction, the value of which is undisclosed, is expected to save about 10 stores and 160 jobs at Leeds-headquartered Ark, while the company's management board has also been retained.
July 18, 2013 at 07:03 PM
2 minute read
Addleshaw Goddard and DWF have both taken lead roles on JD Sports Fashion's purchase of the business and assets of financially stricken fashion retailer Ark out of administration.
The transaction, the value of which is undisclosed, is expected to save about 10 stores and 160 jobs at Leeds-headquartered Ark, while the company's management board has also been retained.
As part of the deal, which was negotiated by administrators Begbies Traynor, stores in Norwich, Cambridge, Manchester and Merry Hill in the West Midlands were closed.
Addleshaws advised JD Sports with a team led by head of business support and restructuring John Joyce and managing associate Tim Taylor.
Meanwhile, a DWF team led by Leeds restructuring head Matthew Brown alongside solicitor Danielle Bennett advised the administrators.
Joyce commented: "It is still a tough market for UK retailers and so I am pleased that this deal will secure the future of Ark, which is a much loved brand on Britain's high streets."
Ark first launched in 1992, opening its first store in Leeds and has since grown to employ around 200 people. It entered administration in late June.
The role for Addleshaws comes after the firm also advised JD Sports on its £20m acquisition of Blacks Leisure Group last year.
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