French Connection shareholders have backed a £29m takeover deal to save the struggling fashion brand.
A consortium led by Newcastle businessman Apinder Singh Ghura, who bought a 25% stake in the retailer from Mike Ashley in February, along with business partner Amarjit Singh Grewal and textiles company KJR Brothers, is set to buy French Connection.
Under the new agreement, chair, chief executive and co-founder Stephen Marks will sell his 42% stake in the business for £12m.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
During December, registered users can access 24 free articles in our advent calendar - find it here or on the homepage.
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.