Breaking news: Deal completed for Bonmarché

CLOTHES retailer Bonmarché has been bought out of administration by private equity firm Sun European Partners for an undisclosed sum.

The deal for the Wakefield-based subsidiary of Peacocks will save more than 2,300 jobs.

John Gallon, corporate partner at DLA Piper’s Leeds office, which advised on the deal, said: “There have been a number of reported casualties on the UK high street in recent weeks. However, despite the on-going challenges faced by the retail sector, we brought this deal to a close quickly and effectively to ensure that Bonmarché is in a position to continue operating.

“The acquisition is great news for the business, providing the financial and commercial commitment it needs to move forward and recover.”

The existing management team will continue to take the company forward.

The deal for Bonmarché adds to earlier rescues by Sun European Partners for retailers American Golf and Jacques Vert.

Joint administrators from KPMG were appointed to parent company Peacocks, based in Cardiff, last week.