The John David Group, owner of sports fashion chain JD, has bought branded fashion retailer Bank for £18.5 million.

Bank, founded in 1994, has 49 stores and stocks branded menswear and womenswear. It sells labels such as Gio Goi, Firetrap, Superdry and Henleys.

Bank’s management team – founder and buying director Andy Scott, managing director Damian Scarlett and finance director Peter Alecock – will all retain their roles at the retailer.

JD executive chairman Peter Cowgill said: “We are pleased to announce our acquisition of this strong retail brand. Its trading style complements the trading ethos of JD on the high street and enhances our portfolio of brands and products. While we fully recognise the challenges of fashion retail, we believe that our capable management team will effect a successful combination of our Scotts stores and the Bank chain, creating an enhanced fashion division within the group and a real opportunity for sales and margin growth.”

For the year to the end of August 31, 2006, the audited loss before tax of Bank Stores was£5.4 million. The retailer's gross assets were£35.1 million.

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