Two of Bonmarché’s top management team have sold their entire stakes in the business to Edinburgh Woollen Mill owner Philip Day.
Chief executive Helen Connolly and finance director Stephen Alldridge sold their shares in the retailer to Day’s company Spectre Holdings, following its £5.7m takeover bid in April. At the end of June, Day withdrew his offer to buy the remaining shares in the struggling womenswear retailer.
In April, Day’s Spectre Holdings purchased 52.4% of Bonmarché’s ordinary shares, triggering a mandatory takeover bid. Spectre offered to buy the remainder of the shares for the price it paid, 11.45p.
At the time, Bonmarché’s directors unanimously recommended shareholders reject the offer, which they said “materially undervalues” the company. However, following poor trading, the board recommended the offer be accepted. Spectre then declined, and formally closed its offer.
Spectre had to give 14 calendar days’ notice before closing the offer. As a result, the offer will close at 5pm on 12 July. Until that point, Spectre is obliged to buy any shares that become available at the agreed price.
The sale of Connolly and Alldridge’s shares comes days after Bonmarché shareholder Cavendish Asset Management, the business’ third biggest shareholder also sold its 10.8% stake in the retailer to Day.