Bonmarche enters administration as the retail crisis deepens leaving more suppliers unpaid and 1,500 jobs on the line

As politicians attempt to bring festive cheer of a vaccine for Covid-19 in the new year there seems little sign of a vaccine for the British economy.

Within the last week Arcadia, Debenhams and now Bonmarche have all collapsed with thousands of jobs set to go and billions potentially wiped off the UK economy.

Retail woes

Kate Weston for the Mail Online reported: “It is the second time in just over a year that the womenswear brand has entered administration with more than 1,500 jobs at risk, but none of the chain’s 225 stores face closure. The announcement is another blow to the UK's high street, which has suffered 275,000 job cuts and losses since the coronavirus pandemic began.”

Ian Carrotte of ICSM Credit said: “We understand that RSM Restructuring Advisory, will be sorting out the administration with hopefully keeping the stores open while a buyer is found. But let’s face it the chances are slim considering this is the second administration this year.”

Damian Webb, joint administrator of RSM Restructuring Advisory, said: “Bonmarche remains an attractive brand with a loyal customer base. It is our intention to continue to trade whilst working closely with management to explore the options for the business. 

“We will shortly be marketing the business for sale, and based on the interest to date we anticipate there will be a number of interested parties.”

Bonmarche was previously bought in a rescue deal by private equity firm Sun European Partners in 2012.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk