Mon, 23 Jan 2012 | ADMINISTRATION
Sun European Group has bought the troubled Bonmarche fashion retailer in a pre-pack administration deal for an undisclosed amount.
Private equity group Sun will run 230 stores and close about 160, which will lead to 1,400 redundancies across the chain.
Three stores were omitted from the deal, one in Balham, London, another in St Albans in Hertfordshire and the third in Perth, which was deemed not commercially viable. The stores’ 19 staff are to be made redundant.
Chris Laverty, joint administrator at KPMG told the BBC: “Given the hostile conditions on the high street, we’re pleased to have concluded a sale with Sun European Partners.
“The deal is a positive step forward in underscoring Bonmarche’s future,” he added.
Sun’s vice-president Matthias Gundlach commented on the acquisition: “Bonmarche is a great brand that operates in an attractive niche of the apparel sector that we know very well.”
Separately, Sun European is interested in purchasing the Peacocks retailer, which entered administration last week. The administrators at KPMG will open a ‘data room’ to enable potential buyers to look over Peacocks' finances before the bidding deadline of 30 January.
An active retail business investor, Sun European has also bought Jacques Vert and Alexon recently.
Peacocks' administrators contact info
Previous stories on Bonmarche
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