International Brand Licensing has sold the Turkish trademark registrations of its Admiral sportswear brand to its local licensee Diethnis Athlitiki for €400,000 cash.

IBL chief executive Tony Hutchinson, says: “We are delighted to have concluded this transaction with Diethnis, our long-term strategic partner in the eastern Mediterranean. IBL will continue to build the licensing revenues of its brands, but we also will seek further opportunities to strengthen the company's balance sheet.”