Bonmarché’s management have sold their shares in the business to Philip Day, just weeks after telling shareholders to ignore the entrepreneur’s offer.
Chief executive Helen Connolly, finance director Stephen Alldridge and senior independent non-executive director Isobel Macpherson have all sold their stakes after the retailer’s third-largest investor Cavendish Asset Management disposed of a 10.8% stake last week.
Connolly sold 42,542 shares to Day for just over £4,868 last night while Alldridge made almost £58,245 for his 508,910 shares.
Day, the boss of Edinburgh Woollen Mill group which owns Edinburgh Woollen Mill, Peacocks, Jaeger and Austin Reed among others, picked up the shares through his investment vehicle Spectre Holdings.
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