Bonmarche board U-turn
Disappointing trading during Bonmarche's first quarter has seen its board look at the offer made by Edinburgh Woollen Mill last month more favourably. The £5.7 million which was offered still undervalues the business according to the Bonmarche board but it is now concerned as whether it can achieve its profit target for the year.
Bonmarche has apportioned its lacklustre performance to weakness in the clothing market as well as a delayed start to the summer weather which ordinarily provides a filip to sales. The board is now advising shareholders to accept the offer.