Bonmarché shareholder sells stake to Day

Bonmarche livingston

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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