Sun European Partners, which bought Bonmarché from administration in 2012, is to take the womenswear chain public in London’s alternative stock market, the Alternative Investment Market (AIM) in November. “The success and strong performance enjoyed by the business over the last 18 months… makes this an opportune time to bring the company to AIM [London’s junior share market],” said Bonmarché’s chief executive, Beth Butterwick, in a statement Friday.
An affiliate of Sun European Partners, which bought the company out of KPMG administrators in January 2012, will sell shares to UK institutional investors, according to a statement issued on Friday.
At least 40 percent of the shares will be publicly traded after the initial public offering, which will take place in November, Bonmarché said.
Bonmarché to offer 40 percent of its issued share capital
Bonmarché’s owner expects to offer a minimum of 40 percent of the company’s issued share capital to investors in the flotation and to list on AIM in November.
The female fashion brand backed up its intention to float citing figures from the Office for National Statistics and retail specialists Verdict predicting that the number of women over the age of 55 – its target market – would be 16 percent higher in 2018 than in 2008, reported the BBC.
Bonmarché was founded in 1982 and bought by Peacocks in 2002. In 2012, it was acquired by Peacock Group and changed hands again in 2012 when the current owner – Sun European Partners – bought it from administration.
Sales at the apparel brand in the twelve months to March 30, came at 146.8 million pounds, with earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA) of 9.1 million pounds. As per the company’s last statement, same-store sales for the first half of the year went up by 13 percent.