{"id":161762,"date":"2019-06-28T14:03:49","date_gmt":"2019-06-28T14:03:49","guid":{"rendered":"https:\/\/www.theindustry.fashion\/fund-managers-slam-incompetent-bonmarche-bosses-as-they-sell-out-to-philip-day\/"},"modified":"2021-08-12T14:01:59","modified_gmt":"2021-08-12T14:01:59","slug":"fund-managers-slam-incompetent-bonmarche-bosses-as-they-sell-out-to-philip-day","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/fund-managers-slam-incompetent-bonmarche-bosses-as-they-sell-out-to-philip-day\/","title":{"rendered":"Fund managers slam \"incompetent\" Bonmarch\u00e9 bosses as they sell out to Philip Day"},"content":{"rendered":"<p>Fund managers at Cavendish have <strong>slammed the \u201cincompetent\u201d bosses of Bonmarch\u00e9,<\/strong> as they sold their stake in the company amid a takeover bid from Philip Day.<\/p>\n<p><!--more--><\/p>\n<p>The asset management firm revealed on Friday that it had <strong>offloaded its 10.8% stake, selling more than five million shares at 11.4p each<\/strong>, the price proposed by Edinburgh Woollen Mill owner Day.<\/p>\n<p>It comes a day after Day\u2019s holding company, <a href=\"https:\/\/www.theindustry.fashion\/philip-day-withdraws-offer-to-acquire-bonmarche\/\">Spectre, said it felt forced to close its offer<\/a> for shares in the company, following a recent update which showed a decline in Bonmarch\u00e9\u2019s trading.<\/p>\n<p>The offer is <strong>open for the next two weeks<\/strong>\u00a0in accordance with stock market rules and could see Day take the company off the stock market if he gains more than three-quarters of the issued shares. It is understood\u00a0that Spectre\u2019s current holding is above 65%.<\/p>\n<p>Cavendish has previously said Spectre\u2019s offer was too low, but fund managers Paul Mumford and Nick Burchett told the Press Association they had <strong>bailed out to avoid holding a stake in a delisted company.<\/strong><\/p>\n<p>Mumford also said it was \u201cdisgraceful\u201d that Bonmarch\u00e9\u2019s board had done a U-turn with regard to Spectre\u2019s offer this week, recommending the takeover after previously rebuffing it.\u00a0He said <strong>the debacle was down to \u201csheer incompetent management\u201d.<\/strong><\/p>\n<p>\u201cThey\u2019ve caved in and they\u2019ve said there\u2019s no alternative,\u201d he said \u201c<strong>They\u2019ve just sort of thrown in the towel.\u00a0<\/strong>We\u2019re heartily fed up of that and unfortunately decided to move on.\u201d<\/p>\n<p>Fears for the future of Bonmarch\u00e9 emerged earlier this week as it updated the market on its trading performance and recommended Day\u2019s takeover.<\/p>\n<p>The clothing chain revealed on Wednesday that <strong>its auditor may include a reference to the \u201cuncertainty with regard to going concern\u201d<\/strong> in full-year accounts due to the trading troubles and without any sign of improvement in revenues.<\/p>\n<p>Cavendish\u2019s exit puts Spectre <strong>a step closer to taking full control of the business<\/strong> and delisting it from the stock market.<\/p>\n<p>Burchett said Day was likely to \u201cdo exactly what the management should have done in the first place.\u00a0<strong>They should have had another go at making radical changes<\/strong>.\u201d<\/p>\n<p>Day has a track record of rescuing struggling retail businesses, having acquired the failed Jaeger in 2017.\u00a0Recent accounts showed that<strong> Jaeger\u2019s losses have halved under Edinburgh Woollen Mill Group\u2019s ownership.<\/strong><\/p>\n<p>Mumford said that although he still considered the offer too low, Day\u2019s plans for the brand are \u201ceminently sensible\u201d.<\/p>\n<p>\u201c<strong>I\u2019m sure he\u2019ll pull it round<\/strong> and we would have liked to be on that journey. And I think he\u2019s going to make a lot of money out of that.\u201d<\/p>\n<p>Shareholders have until 12 July to decide whether to sell up, after Spectre gave notice that the offer would close.<\/p>\n<p><strong>Artemis Investment Management still owns 12.5% of the company.<\/strong> The firm declined to comment on its position.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":134879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[12454,14844,7604,4080],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fund managers slam &quot;incompetent&quot; Bonmarch\u00e9 bosses as they sell out to Philip Day - 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