GLASGOW, Scotland, Nov. 15, 2018
GLASGOW, Scotland, Nov. 15, 2018 /PRNewswire/ -- Hilco Streambank (www.hilcostreambank.com) today announced the completion of a sale of the Poundworld intellectual property assets. New Money Limited, a company established by Yorkshire property tycoon Manni Hussain, acquired Poundworld's intellectual property assets, including Bargain Buys, in October 2018. Deal terms were not disclosed.
Hilco Streambank was appointed by Daniel Butters and Clare Boardman of Deloitte LLP acting as the Joint Administrators of Poundworld Retail Limited (in Administration) in September 2018 to actively seek interested parties with regards to the sale of Poundworld's intellectual property assets, including the Poundworld and Bargain Buys brands, trade marks, websites, and domain names. The winner of the bidding process, Manni Hussain, commented, "I am delighted to have agreed the purchase of the Poundworld intellectual property assets and I am now looking forward to bringing the brand back to the high street and provide current and new customers with an unrivalled product offering at £1 or less." A fifth of the planned 250 stores are intended to be Bargain Buys, which was previously owned by Poundworld and included in the sale.
Hilco Streambank Director Nat Baldwin commented on the success of the sale stating, "As part of the sale the Hilco Streambank team conducted a comprehensive sales and marketing exercise directed at our bespoke database of buyers of intellectual property assets in the discount retail sector. In addition to generating significant interest in the opportunity across the UK and Europe, Hilco Streambank's presence in the States saw the sale gain traction amongst some of the largest discount chains in the US. The marketing activities generated a great amount of interest and many offers were received for the intellectual property. Mr. Hussain was able to complete a deal for the Poundworld intellectual property after winning a highly competitive bidding process. The Poundworld and Bargain Buys names will now live on through Mr. Hussain's company, New Money Limited, and we are looking forward to watching him grow the business over the coming years."
Manni Hussain was pleased to have fended off competition and secured the rights to the Poundworld intellectual property, adding that, "It was a pleasure to work with Hilco Streambank daily to get this deal over the line. Throughout the entire process we found them very helpful and forthcoming to provide various information we required very quickly."
Poundworld is the latest in a long line of high profile sales managed by Hilco Streambank's European Division, including the sale of Monarch Airlines' intellectual property assets earlier this year. The Poundworld sale further strengthens Hilco Streambank's position as a leading provider of intellectual property asset valuations and dispositions in the UK. Hilco Streambank's European Division is set to maintain its momentum and is currently marketing a number of intellectual property sales, including the menswear brand Ciro Citterio and one of Europe's largest IT distributors, Beta Distribution. Visit HilcoStreambank.com to learn more about the current sales or, for other inquiries, please contact the Hilco Streambank representatives below:
About Hilco Streambank
Hilco Streambank is a market leading advisory firm specialising in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, online premium domain sales and IPv4 transactions through IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois-based Hilco Global, a worldwide financial services company and leader in helping companies maximize the value of their assets.