An affiliate of Sun European Partners, which bought the company out of administration in January 2012, will sell shares to U.K. institutional investors, according to a statement today. At least 40 percent of the shares will be publicly traded after the initial public offering, which will take place in November, Bonmarche said.
Led by Chief Executive Officer Beth Butterwick, Bonmarche caters mainly to women aged over 50. The 264-store chain was acquired by Peacock Group in 2002, two decades after it was founded, and came under its current ownership after Peacock Group collapsed into administration early last year.
Bonmarche sales in the year ended March 30 were 146.8 million pounds ($237 million) and the retailer had earnings before interest, tax, depreciation, amortization and exceptional items of 9.1 million pounds. In the first half of this financial year, same-store sales increased 13 percent, according to the statement.
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