Bonmarche administration wipes out Philip Day’s £5.7m stake

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Philip Day Bonmarche Spectre Holdings Edinburgh Woollen Mill Helen Connolly
Bonmarche creditors are hoping for a deal to be struck between administrators FRP Advisory and a buyer
// Philip Day loses his £5.73m stake in Bonmarche after its administration
// Day’s Dubai-registered company Spectre Holdings saw its multi-million investment wiped out

Philip Day has lost his £5.73 million equity investment in fashion retailer Bonmarche, following its collapse into administration last month.

Day’s Dubai-registered company Spectre Holdings, saw its multi-million investment wiped out when Bonmarche bosses called in administrators from specialist advisory firm FRP, In-Cumbria reported.

Spectre also owns the debt and has provided Bonmarche with a cost-saving strategy to support and keep the retailer afloat amid the “economic headwinds impacting the whole of the retail sector”.


READ MORE: Bonmarché: What went wrong?


Day also owns Carlisle-based retailer Edinburgh Woollen Mill, which remains separate from Spectre.

Meanwhile, creditors are hoping for a deal to be struck between administrators FRP Advisory and a buyer.

“We are disappointed with the result of our investment in Bonmarche, but our primary thought at this time is with the business’ employees and families,” A Spectre spokesman told In-Cumbria.

Bonmarche’s administration put 2887 jobs at risk.

On making the announcement, Bonmarche chief executive Helen Connolly admitted that its business model “simply does not work”.

“We would like to thank Spectre and their team of advisors for their advice, guidance and support over the last few months,” Connolly added.

“We believe that if we had had an opportunity to work with the Spectre team closely at an earlier stage, another outcome would have been possible.”

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6 COMMENTS

  1. Very sad if Bon Marche does go out of business despite efforts to save the stores. It caters for clothing styles that suit ladies over 60,where other stores have nothing suitable. For last 20 years I have always been able to find clothes that fit in aroed colours and styles that suit me. Many towns without Bon Marche defininatelt do not do that.

  2. So devestated that the shops are to close, its the only shop tht provides a service to older people (40 onwards). As all other shops have close such as BHS Littlewoods and many more. My friends and I shop at bon marche all the time and the staff at the stores go above and beyond to help everyone. The stores have wonderful clothes that are fashionable for older people and the quality and service is the best. please try not to close we need your shops.xx

  3. It would be a shame if they close as I buy all my trousers there. It’s the only shop I know that does a 25 inch leg. Where will I get my trousers if they close?

  4. Please let Bon Marche be saved! I buy nearly all of my clothes from them – ranging from casual to evening wear. If they go, where will I shop then? There isn’t another shop like it which caters for the over 40’s – they capture that market.

  5. It’s all smoke and mirrors. Day will buy Bonmarche back once the administrators have done what they need to do and he will walk away from any debt and any leases he does not think are a good deal. I don’t know how legally this is allowed to happen. As an ex Area Manager for Bonmarche I was made redundant last week over the phone by an administrator whilst I was 2 hours from home. My company car insurance was cancelled that day so I had no way of getting my son to school etc. No redundancy or notice pay from the business and no period of consultation. But it’s ok because apparently Philip Days thoughts are with us at this time! This is why he’s a billionaire

  6. Where will my sister and I buy clothes for our age group. I don’t know how bon Marche have managed to go out of business because my sister and I have spent thousands of pounds in your shop. My wardrobe is 12 foot long and I have to cram things in and lve still been in today and spent £60.

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