Baird sells Dannimac to Signature

TROUBLED clothing firm William Baird has offloaded its Dannimac raincoats business to Signature Brands, raising £3.1m. Privately-owned Signature of London is taking on assets and stocks and licensing the brand for five years with an option to buy in January 2007.

Baird, which has struggled since losing its 30-year supply relationship with Marks & Spencer two years ago, is slimming down to a core business focusing on its Windsmoor, Planet and Precis Petite womenswear brands. Dannimac made a pre-tax profit of £900,000 in 2000. Net book value of the assets and stocks is £800,000.