International Brand Licensing has sold the trademarks to its Admiral sportswear brand in southern Africa to Admiral IP Limited (AIP), a BVI registered investment company, for a cash consideration of GBP225,000 (US$445,874).

Tony Hutchinson, IBL chief executive, said: "This transaction represents a further strengthening of the company's balance sheet in liquidating largely unproductive assets in return for cash.

"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."

The news follows on weeks after the company offloaded its Turkish trademark registrations for Admiral to local licensee Diethnis Athlitiki for a cash consideration of EUR400,000 (US$622,200).