International Brand Licensing has sold its Admiral sportswear trade marks in southern Africa to an investment company, Admiral IP Ltd, for £225,000. The sale was motivated by a move to free up cash by disposing of"largely unproductive assets". Said a spokesman for IBL, in a ringing vote of no-confidence in Africa: “
Whilst we will continue to maximise our licensing revenues from opening and building the more lucrative markets for our brands, we will also seek to exploit further opportunities to dispose of territories that are unlikely to enhance shareholder value in the future".[source: SmallCapNews UK].