(Sharecast News) – Value retailer Bonmarche has been bought out of administration, securing more than 500 jobs.
The fashion chain has been acquired by Purepay Retail, which on Tuesday also snapped up Edinburgh Woollen Mill and interiors brand Ponden Home. All three were part of a portfolio of brands owned by entrepreneur Philip Day that collapsed into administration late last year.
Purepay is backed by a consortium of international investors and is understood to be led by Day.
It has acquired all of Bonmarche’s remaining stock, as well as the head office site and distribution centre in Wakefield. A total of 72 stores will remain open, meaning 531 jobs will now transfer to Purepay.
However, 148 stores will not reopen when lockdown restrictions are lifted. It was not immediately known how many job losses it would involve.
Damian Webb, joint administrator and partner at RSM Restructuring Advisory, said: “The business has been widely marketed and the sale protects the core business. Against a challenging retail environment, we are now focused on protecting the remaining estate and the associated employees.”
Of the other Day-owned brands that collapsed in November, both Jaeger and Peacocks remain in administration. However, Marks & Spencer has agreed to acquire Jaeger.
