High street retailer Bonmarché has been bought out by Sun European Partners, after its previous parent Peacocks went into administration.
Sun announced yesterday it had completed the acquisition of the 394-store fashion chain, which was put up for sale when an 11th-hour rescue deal for Peacocks collapsed. Although Bonmarché currently employs around 3,800 people, it is understood just 2,300 will be retained.
“Acting under very tight time pressures following the collapse of last minute rescue talks, we managed to complete this deal, so enabling the Bonmarché business to remain in operation,” said Richard Obank, restructuring partner at DLA Piper and co-leader of the buyout.
Accounting firm KPMG has reportedly held talks with private equity groups interested in acquiring what remains of Peacocks. Although a fee has not yet been confirmed, it is thought that Sun paid somewhere in the region of £10m to complete its purchase of Bonmarché.
Earlier this month, outdoor clothing retailer Blacks was bought out by sportswear firm JD Sports for £20m, while Arabian retail group Arabiya acquired struggling lingerie chain La Senza.
