Collapsed retailer Bonmarché has been sold to Edinburgh Woollen Mill Group’s (EWM) Peacocks, Drapers can reveal.
The company has acquired most of Bonmarché’s assets, including stock and around 200 stores. However, a deal has not been completed on the rest of the stores yet.
EWM is still in conversation with some landlords about whether it is able to take the rest of the stores forward. This will be subject to further negotiations over the next week and a half.
Bonmarché currently has around 270 stores in its portfolio.
Drapers understands the EWM is “working hard to save as many jobs as possible in the process.”
In November it was announced that Bonmarché had chosen value retailer Peacocks as its preferred bidder, after it fell into administration in October. Twenty-five head office and middle management roles were axed in the process.
At the time, joint administrators Tony Wright, Alastair Massey and Phil Pierce at advisory firm FRP Advisory said the Peacocks deal was the “best opportunity to maximise returns for creditors and sell the business on a going concern basis”. Drapers understands there were nine offers overall.
Industry experts told Drapers that Bonmarché “could make a comeback” under Day.
It comes after Day’s investment vehicle Spectre bought a majority share of the business in April 2019, triggering a mandatory takeover bid.
CEO Helen Connolly resigned from the business in December.