One of Bonmarché’s biggest shareholders has sold its stake to Philip Day in a move that increases the retail billionaire’s chances of gaining control of the business.
Cavendish Asset management sold its 10.8% stake in the retailer to Day for £600,000.
The sale comes after Day withdrew his bid for the company following poor trading.
Day’s investment vehicle Spectre Holdings purchased 52.4% of Bonmarche shares in April triggering a takeover bid.
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