IBL concludes Admiral trademark sale in southern Africa
Monday, July 07, 2008
International Brand Licensing has sold off its Admiral sportswear trademarks in southern Africa in a move to free up cash. The business was sold to investment company Admiral IP Ltd for £225,000.
Tony Hutchinson, IBL’s chief executive, said the sale represented a further strengthening of the company's balance sheet in liquidating largely unproductive assets in return for cash.
“Whilst we will continue to maximise our licensing revenues from opening and building the more lucrative markets for our brands, we will also seek to exploit further opportunities to dispose of territories that are unlikely to enhance shareholder value in the future,” Hutchinson said.
In June the company sold the Turkish trademark registrations of the Admiral brand for £317,000. Similar deals covering several states in eastern Europe were concluded late last year.
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