Bonmarché reports poor trading and backs takeover bid
Bonmarché has reported poor first quarter trading due to a weak clothing market and unseasonable weather.
The fashion retailer also said it is uncertain if it will meet its profit target for the full year.
In addition, Bonmarché said the offer made for the business earlier this year by Philip Day’s Spectre Holdings now appears more attractive. Back in April, the company said the offer materially undervalued the business and its future prospects.
In today’s statement Bonmarché recommended that shareholders accept the offer as it believes Day would be a successful long-term owner.
It added: “The increase in uncertainty that has developed reflecting the trading and financial position of the business during the first quarter of the financial year makes the certainty represented by the offer potentially more attractive in the short term.”
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