WOMEN’S clothes retailer Bonmarché is to move from the Alternative Investment Market onto the stock exchange’s main list.
It is considered to be the next step in the company’s development, after initially floating on AIM in 2013 in a move which valued the company at around £100m.
Its value has since increased by 50%, and at Friday’s close its market capitalisation was £147m with its shares worth 296p.
The company believes the move to the main list, which was always part of its strategy, is now appropriate given its increased scale. The move is scheduled to take place on October 19.
Beth Butterwick, chief executive officer of Bonmarché, said: “Given the group’s progress since admission to AIM in 2013, the board now considers the Official List to be a more appropriate platform for the continued growth of the group.”
The company also provided an update on current trading alongside the announcement and said it expects first-half results, for the six months to the end of September, will be “broadly in line” with a year earlier. However it then expects a stronger performance in the second half, helped by weaker comparatives which will enable like-for-like growth, plus the positive effects of new stores and an improved online offering.
The Wakefield-based retailer has 292 stores, of which 265 are standalone Bonmarché shops. The remaining 27 outlets are concessions, including 17 in garden centres.
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