// Edinburgh Woollen Mill owner & CEO Philip Day has made an offer for Bonmarche for £5.7m

// Bonmarche has been struggling & expects a loss of £5m-£6m this year

// Day will aim to do a “store-by-store profitability assessment”

Edinburgh Woollen Mill owner and chief executive Philip Day has made an offer for fashion retailer Bonmarche, valuing it at £5.7 million.

The struggling business revealed last month that its trading was worsening, and it expects to record a loss of between £5 million and £6 million this year.

Day will aim to do a “store-by-store profitability assessment” which will see underperforming shops close down.

Bonmarche currently employs around 1900 full-time equivalent staff.

Day added he was “well positioned to provide advice, guidance and support to secure the long term future of the Bonmarché business, its stores and employees”.

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

Spectre holds more than 26 million shares in Bonmarche, representing 52.4 per cent of the retailer – and well above the 30 per cent threshold at which it must make a takeover approach.

Retail Gazette has contacted Edinburgh Woollen Mill for comment.

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