Mature womenswear retailer Bonmarche has been placed in administration after what has been described as a sustained period of challenging trading conditions and cash flow pressure. With some 2800 employees including a head office team of 200, the business operates 318 stores as well as an online store. For the year to March 2018 the company posted revenues of £186m. CEO Helen Connolly said: “Over the last 18 months, trading in our stores and market conditions on the high street have significantly worsened. This has overwhelmed the business and its financial position”.
Tony Wright of FRP Advisory said: “Bonmarche has been a staple on the UK high street for nearly three decades but the persistent challenges facing retail have taken their toll and led to the administration. There is every sign we can continue trading while we market Bonmarche for sale and believe that there will be interest to take on the business.”
It is understood that Philip Day currently owns 95 per cent of the shares in the Bonmarche business. He had mounted a takeover bid earlier this year. It was initially rejected by the board which later reversed its decision and recommended that shareholders accept the tabled offer for their shares.
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