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Bonmarche takeover bid kept open

Bonmarche which rejected Philip Day's £5.7 million takeover bid and turnaround plan as being insufficient remains in the sights of Day's Spectre Holdings. Spectre, which has built a 52.4 per cent stake in the womenswear retailer, has said that it will take a step back and see if the Bonmarche board can deliver on the plans and strategy it has set out.

In a statement a spokeperson for Spectre Holdings said: "Spectre re-confirms it is unwilling to support proposals for any dividend payments for the foreseeable future in order to rebuild the cash reserves of the Bonmarche business back to historical levels and to ensure it is not reliant on bank debt.  Spectre also does not feel it appropriate for Bonmarche to take on additional bank debt in light of its recent trading performance and continuing challenging market conditions."

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