The joint administrators of Bonmarche have announced the completed sale of the company to Purepay Retail Limited, which is backed by an international investor consortium for an undisclosed amount.
Damian Webb and Gordon Thomson, partners at the accountancy firm RSM, were appointed joint administrators to the company on 30 November 2020.
Purepay, a secured creditor to the business, has acquired all the remaining stock, as well as the head office site and distribution centre in Wakefield.
The company will operate 72 stores under licence and 387 store staff will transfer to the acquirer, alongside all 51 head office and 93 distribution centre staff.
The remaining 148 stores are currently closed in line with government legislation, and the administrators are reportedly reviewing all options for these sites prior to the lifting of the Government lockdown. The staff at these stores are currently furloughed.
Last December, Bonmarche and other retailers part of the Edinburgh Woollen Mills group collapsed, following a year of declining revenue and sales.
Bonmarche had previously entered into administration in 2019 which resulted in the permanent closure of 30 stores before the firm was eventually bought out by retail mogul Philip Day last February.
Commenting on the sale, Damian Webb, joint administrator and partner at RSM Restructuring Advisory, said: “The business has been widely marketed and the sale protects the core business. Against a challenging retail environment, we are now focused on protecting the remaining estate and the associated employees.”