French Connection takeover approved by shareholders

French Connection

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.

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