According to reports, apparel chain
Bonmarche has been bought by Sun European
Partners for £10 million in a pre-pack administration deal.
Local newspaper the Huddersfield Examiner says the deal will see
hundreds of jobs lost but could save 230 stores. A Bonmarche
employee told the newspaper that potential buyers had been on a
tour of the distribution site last Tuesday. Meanwhile, the
Independent reports that private-equity firms
KKR, Permira, Sun European Partners and Cinven are all among the
potential bidders for Bonmarche’s sister company
Peacocks following the retail chain’s collapse
into administration last week.
Supermarket Asda has announced plans to spend
£500 million in 2012 by opening new stores and depots and
developing its existing chain helping create up to 5,000 new jobs
across the UK.
In contrast, fashion retailer New Look may close
up to 100 stores in the next three years, unless it can negotiate
better deals from landlords. The
Financial Times reports that New Look has completed a review
of its store portfolio, which concluded that it has too many
stores in “overlapping catchment areas”. It will also
look to replace small stores with bigger units.
Ocado’s chief financial officer Andrew Bracey is
leaving the company to join recruitment firm Michael Page
International, effective April 2012. Jason Gissing, one of
Ocado’s cofounders will take on the new commercial director,
taking charge of Ocado’s retail activities, including buying,
supplier and customer relationships, marketing and brand
development. Gissing’s previous responsibility for HR will
transfer to Neill Abrams, currently director of legal and
business affairs. Mark Richardson, Ocado’s head of technology, is
to be promoted to a newly created board role of operations
director.
An employment tribunal has found in favour of more than 24,000
former Woolworths employees and awarded them
compensation of 60 days’ pay, reports the Telegraph.
Amazon is apparently serious about expansion in
India and has opened its first fulfilment centre in the country,
writes the Guardian.
Sanderson Group, the software and IT services
firm, has completed the sale of its EPoS services division
Sanderson RBS to Torex Retail
Holdings. It divested the business for £11.5
million, with an additional consideration of £150,000 paid
in April and a further £100,000 to be paid on meeting
certain conditions. In the year ending 30th September 2011,
Sanderson RBS achieved sales of £12.4 million and an
operating profit of £1.4million. Sanderson Group will use to
sale to repay bank debt to leave a positive cash balance of
approximately £4 million.
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