Billionaire Philip Day is now in control of struggling Bonmarché after buying a 52% stake in the distressed retailer. The Peacocks and Jaeger owner will launch a bid for the remaining 48%, along with a business review.
Philip Day, the owner of Edinburgh Woollen Mill Group, has withdrawn from the race to buy collapsed fashion label LK Bennett. He had made a last-minute offer for the upmarket clothing brand hours before the deadline.
The company is leaving its home in Langholm in July as it said its new premises in Carlisle will be more accessible for its partners. The current head office will be transformed into a heritage centre.
The group has acquired suit company Berwin & Berwin out of administration, adding more premium fashion brands to its growing portfolio as it continues to build the retail mix for its Days department store chain.