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Gloucestershire Business News

Jobs at risk at street fashion retailer

Bench, the clothing brand founded by one of the architects of the Superdry clothing label, has filed for administration.

With outlets in the likes of the Gloucester Quays the street-fashion-style brand is the latest retailer to underline just how tough the high street has become.

James Holder, the brand and design director at and one of the founding fathers of Gloucestershire-headquartered Superdry, is credited with starting the rival label - but he long ago signed away his shares in the business.

It was that early experience - which began selling T-shirts out of the back of his mother's car at BMX events - that eventually led him to his partnership with fellow Superdry founder Julian Dunkerton.

Bench has now filed an application to appoint administrators putting a reported 176 UK jobs at risk and 170 more in Germany.

Fans of the brand in Gloucestershire need fear not - their supply will not disappear yet as Bench's 20 UK stores are expected to keep trading for the foreseeable with no job losses as yet either.

Barry Knight, Bench chief executive, said: "We have been provided with further capital by our owner on several occasions to invest in new stores and employees, but we weren't able to get the company onto a sustainable economic footing.

"We faced a lot of headwind due to the devaluation of the British pound, the competitiveness and the declining market in our fashion segment.

"Ultimately, it was not possible for us to generate further liquidity for the company, on either an equity or on a debt basis. As a result, we have no alternative but to go into administration.

"Our task now, together with the administrator, is to achieve the best possible outcome in this situation. Despite the company's current challenges, we remain confident that the Bench brand can have a bright future."

Picture credit: Imagery ©2018 Google maps, Map data ©2018 Google

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