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Bank founder quits to plot etail venture

Andy Scott, founder and buying director of Bank, is to leave the JD Sports Fashion-owned young fashion chain to launch an online venture.

Scott, who founded Bank in 1994 but no longer has a stake in the business after selling it to JD Sports Fashion for £18.5m in 2007, will leave on October 29.

He is in talks with JD Sports Fashion to stay on at Bank in a non-executive role but is also considering launching an online business selling fast-fashion womenswear.

“I’m putting together a business plan,” Scott told Drapers. “If I do launch it, it will be around late summer [2011].”

Scott has registered a name for the etailer but would not disclose it. He hopes to take up other non-executive positions in branded fashion and focus more on his role as vice-chairman of Macclesfield Football Club. Bank has lined up a replacement buying director, who will start on November 8, but would not disclose the replacement’s name.

Bank’s sales are expected to rise 32% to £115m for 2010.

The chain operates 78 stores and sells brands such as Firetrap, Fenchurch and Superdry.

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