Peacocks buys Bonmarché, with final details yet to be disclosed

Peacocks has acquired Bonmarché, its struggling value fashion rival and a stablemate in retail tycoon Philip Day's empire. Although the sale has been reported, final details are yet to be disclosed.

A spokesperson linked to Day confirmed to FashionNetwork.com that the deal is taking place, however there are no plans for an official announcement until it is finalised.

Peacocks was revealed as the preferred bidder for Bonmarché back in November, after the retailer had collapsed into administration the prior month. At the time 30 underperforming stores were closed while around 285 remained trading while a buyer was sought.

Philip Day, whose Edinburgh Woollen Mill Group owns Peacocks, acquired Bonmarché through acquisition vehicle Spectre last year. The retailer had previously been listed on the London Stock Exchange and Day's initial bid for the company was rejected by its previous management, however as trading conditions worsened they did a u-turn recommended to shareholders to accept the bid.

By this point the business was in considerable distress and issued a series of profits warnings before administrators were called in. It is believed that Peacocks has acquired 75% of its stores but negotiations are still underway with landlords.