UK: Bonmarché gears up for stock exchange debut
Bonmarche will raise GBP40m from the sale
Bonmarché, the value fashion retailer that targets women over 50, has priced its shares at GBP2 ahead of its flotation on the London stock exchange later this month.
The company, which is floating its shares on the Alternative Investment Market (AIM), said it will raise GBP40m (US$64m) from the sale - with official trading due to begin on 20 November.
CEO Beth Butterwick said the retailer is "looking forward to the next stage in the development of the business as a publicly quoted company."
Bonmarché, which operates 264 stores, is the largest pure-play retailer dedicated to the over-50s female customer.
The move marks a major turnaround for the company, which was sold in January last year to an affiliate of private investment firm Sun European Partners after former owner The Peacock Group called in administrators.
However, since its acquisition, the management team has re-focused on Bonmarché's core strengths and now says it is "well-placed to take advantage of anticipated market growth in the 55+ women demographic and the value segment."
Bonmarché also sells its products through mail order catalogues, online, and via a TV shopping channel, and has a database of around 6.5m customers.
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