Blacks Leisure goes into administration

Shares in Blacks Leisure, the outdoor clothing and equipment firm, are to be suspended as the company enters an administration process.

A series of weak trading results last year sealed the company's fate and, despite looking for a buyer, the board has been unable to find anyone who wanted to mount a formal takeover.

Instead the trade assets and brand will be sold through administration, with KPMG organising the sale.

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Blacks had already announced that, on the basis of the offers received, "no value will be attributable to the company's ordinary shares." In other words, shareholders will get nothing from any future transaction.

In today's statement Blacks says it "expects to be in a position to announce a sale of substantially all of the trade, assets and brands of the group within the next few days."

BS