Bonmarché’s last major shareholder has sold out to Philip Day, and the Edinburgh Woollen Mill Group (EWM) owner can now take the company private.
Artemis Investment Management, which held a stake of more than 12% in Bonmarché, offloaded its holding earlier this week. This puts Day’s company, Spectre Holdings, above the 75% threshold to remove the company from the London Stock Exchange.
Bonmarché’s chief executive Helen Connolly and chief financial officer Stephen Alldridge sold their shares to Day’s company Spectre Holdings on 1 July, days after Day announced he was closing his offer to buy the remaining shares in Bonmarché for the price he paid, 11.45p, following poor trading at the retailer.
Day will now begin to implement his turnaround strategy for the business, which includes possible store closures and staff reductions, a review of the product range, pricing policy and discount strategy, and renegotiating supplier terms.