Bonmarché is on track to be taken private after Philip Day convinced the retailer’s last major investors to sell its stake.
Investment fund Artemis offloaded its 12% stake in the embattled high street fashion chain yesterday to Day’s Dubai-based holding company Spectre.
The sale brings Day’s total stake in Bonmarché to more than 82%, above the 75% needed to take the business private.
At the beginning of July, another institutional investor, Cavendish Asset Management, sold its 10.8% stake to Day for £600,000.
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