Women’s fashion chain Bonmarché has announced it is to float on the stock market.
The retailer, which has 264 stores, today revealed its intention to launch an initial public offering and has applied to trade on the AIM market of the London Stock Exchange.
Bonmarché was established in 1982 but was acquired by an affiliate of investment firm Sun European Partners through a pre-pack administration deal in January 2012. Sun European is expected to sell at least 40% of the shares in the company in November.
In the year to March 30, Bonmarché generated sales of £147m EBITDA of £9.1m. Since the end of the financial year, like-for-like sales have continued to rise and are up by more than 10% year-on-year.
Chief executive Beth Butterwick said: “The success and strong financial performance enjoyed by the business over the last 18 months, coupled with our exciting growth strategy, makes this is an opportune time to bring the company to AIM.”
“Bonmarché is the largest pure-play retailer dedicated to the over 50s female customer, providing quality clothing at an affordable price. We are confident that our competitive position and loyal customer base means that we are well placed to capitalise on this attractive and fast growing niche of the retail sector. We have identified a number of opportunities to expand our retail offering through enhancing our product range, developing our store portfolio and optimising our multi-channel offering, providing a positive customer shopping experience and business growth.”