British retail enterprise JD Sports Fashion Plc, running international fashion and sports retail concepts such as JD Sports, Size? or Scotts, has sold its struggling young fashion business Bank.

The group announced the disposal of Bank Fashion Limited to a subsidiary of Hilco Capital Limited yesterday (November 25). This move “should result in a substantial recovery of its intercompany loan, the exact quantification of which will be confirmed by completion accounts in due course”, as was said in a corporate statement.

Bank Fashion Limited runs just under 100 stores throughout the UK, selling young men’s and women’s fashion brands such as Converse, Jack & Jones, Superdry, or Adidas Neo. The business unit recorded a loss after exceptionals and before tax of £8.1 million (€10.2 million) in the year ended 1 February 2014 and had gross assets of £51.7 million at that date.

Peter Cowgill, executive Chairman, at JD Sports Fashion, said: “We have decided that we must prioritise future investment in the Sports fascias and consequently we believe that the sale of Bank is in the best interests of the Group. We shall continue to support the broadest possible range of fashion brands within the Group."