// 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.”