French Connection shareholders give green light to £29m takeover
Fashion retailer French Connection’s shareholders have put their support behind a £29m takeover.
Buyer Apinder Singh Ghura – who has experience in the clothing sector as well as property and care homes – joined forces with partner Amarjit Singh Grewal, and KJR Brothers, headed by textile businessman Rafiq Patel.
The move means the retailer is now in private hands for the first time since 1983, with new owners set to take the reins on 8th November.
Ghura, who bought a 25 per cent stake in the retailer from Mike Ashley’s Frasers Group in February, said he was “delighted with the strong support” shown in a shareholder vote.
“We look forward to working with French Connection’s management to execute and implement our strategic plans to facilitate the future growth and profitability for the business,” he added.
Founder and chief executive Stephen Marks, who owns just under 42 per cent of the retailer, will receive around £12m for his stake.
Last month the company’s board declared it had accepted MIP Holding’s offer to buy French Connection at 30p per share, recommending all shareholders to accept the offer.
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