// 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.