International Brand Licensing (IBL) has sold its Turkish trademark registrations of its Admiral sportswear brand to local licensee Diethnis Athlitiki for a cash consideration of EUR400,000 (US$622,200).

Tony Hutchinson, IBL chief executive, said: "We are delighted to have concluded this transaction with Diethnis, our long term strategic partner in the eastern Mediterranean.

"Following previous disposals in Greece, the Balkans, and former Yugoslavian states, this completes our objective of converting assets in this largely unproductive region into cash.

"IBL will continue to build the licensing revenues of its brands but we will also seek further opportunities to strengthen the company's balance sheet."