Mon, 21 Oct 2019 | BUSINESS SALE
Womenswear fashion chain Bonmarché has announced that it has appointed administrators in a bid to find a buyer following financial strain and tough high street conditions.
According to the company's directors, the business has been placed into administration following a long period of challenging high street trading conditions and cashflow pressure, which has resulted in the company failing to meet its financial obligations.
Helen Connolly, chief executive of the firm, added that the decision to enter administration had been made with "deep regret and sadness", stating that the Brexit delay has also been a significant factor in the company's financial issues.
"Without such a delay, it is feasible to believe that our issues would have been more manageable. Instead, it has only intensified the pressures," she said.
Partners at business advisory firm FRP Advisory - Tony Wright, Alastair Massey and Phil Pierce - have been appointed as joint administrators to the business, which has made no redundancies and will continue to trade from all its stores as it seeks a quick sale.
Tony Wright commented: "Bonmarché has been a staple on the UK high street for nearly three decades, but the persistent challenges facing retail have taken their toll and led to the administration. There is every sign that we can continue trading while we market Bonmarché for sale and believe that there will be interest to take on the business."
Headquartered in Wakefield, Bonmarché currently employs 2,887 people and trades from 318 stores across the UK, as well as via the telephone and online.
In April 2019, Dubai-registered entity Spectre Holdings acquired a controlling stake in Bonmarché and delisted the firm from the London Stock Exchange in August.
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