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Edinburgh Woollen Mill CEO offers to buy Bonmarche

08
Apr '19
Pic: Bonmarche
Pic: Bonmarche
Edinburgh Woollen Mill owner Philip Day recently made an offer for UK fashion retailer Bonmarche, valuing it at £5.7 million and claiming he can guide and support to secure the long-term future of the business, its stores and employees. Bonmarche, which employs 1,900, admitted worsening business last month, saying it expects a loss of £5-6 million this year.

Dubai-based British billionaire businessman Day plans to conduct a store-by-store profitability assessment and shut down underperforming shops, according to British media reports.

Day made the mandatory offer for Bonmarche via his Dubai-based investment vehicle Spectre. Edinburgh Woollen Mill retail empire includes brands like Peacocks, Austin Reed and Jaegar.

Spectre revealed it had paid £3m for 52.4 per cent of Bonmarché’s shares and offered to buy out remaining shareholders at the same price. (DS)

Fibre2Fashion News Desk – India


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