Sun European Partners buys Bonmarche

Private equity firm Sun European Partners, owner of the Alexon and Jacques Vert brands, has announced its acquisition of the women's clothing retailer out of administration in a pre-pack deal for an undisclosed sum.

Bon

marche, founded in 1982, was part of the Peacocks Group, which last week went under administration due to a £750 million debt. While administrators at KPMG have taken charge of the Peacocks chain, Bonmarche was kept out of administration to allow sale talks to continue.

In a statement released Monday, the private equity firm confirmed it has bought the entire chain apart from three stores. The new owner will continue to run 230 stores but will close about 160. The chain is one of the UK's largest women's-only value retailers and sells affordable clothing in a wide range of sizes to women over 45 years old.

“Bonmarche m is a great brand that operates in an attractive niche of the apparel sector that we know very well,” summed up Matthias Gundlach, Vice President at Sun European Partners. "Thanks to its strong range with a good value-for-money proposition and a unique in-store service experience, Bonmarche m has a loyal customer base of regular repeat buyers.We are confident in putting a sustainable growth programme in place and working with the management team to develop the business successfully, “ Gundlach concluded.

As reported by Dow Jones, the Bonmarche stores, which are part of a "pre-pack" administration deal, were sold for approximately GBP10 million, according to sources close to the operation.