Thousands of jobs at risk as Bonmarche collapses into administration

Popular high street retailer Bonmarche has collapsed into administration leaving thousands of jobs at risk.

Saturday, 19th October 2019, 2:30 pm
The high street retailer has collapsed into administration. Photo credit: Jonathan Brady/PA Wire

The news was announced on Friday, October 18 as Bonmarche became the latest victim of the rapid closure of high street stores.

The womenswear retailer employs 2,887 staff including 200 staff at head office.

It holds 318 stores including those in Sunderland, South Shields, Hartlepool, Dalton Park and across Northumberland. All currently remain open and no redundancies have been made at this time.

Tony Wright, Alastair Massey and Phil Pierce, of specialist advisory firm FRP, were appointed as joint administrators on Friday, October 18.

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The firm has claimed that it will trade with no immediate job losses.

It will now assess options to secure the company’s future

Mr Wright said: "Bonmarche has been a staple on the UK high street for nearly three decades, but the persistent challenges facing retail have taken their toll and led to the administration.

"There is every sign that we can continue trading while we market Bonmarche for sale and believe that there will be interest to take on the business."

The brand has struggled with rising costs and lack of custom from high street shoppers.

It is the second time it has fallen into administration in seven years.

In 2012, it was bought in a rescue deal by private equity firm Sun European Partners.

The company was floated on the London stock exchange and retail tycoon Philip Day purchased a majority stake in 2019. A large number of shareholders sold their stakes to Mr Day, leaving him with 95% ownership.