Bonmarché enters administration putting 2,900 jobs at risk across 318 stores

Bonmarché enters administration putting 2,900 jobs at risk across 318 stores
The fashion chain has more than 300 shops and concessions and employs 2,900 people - it's now on the hunt for a new buyer

Fashion chain Bonmarché has entered administration, putting almost 2,900 jobs at risk.

The chain appointed FRP Advisory as administrators on Friday to look for a new buyer.

There are no redundancies at this stage, with its 318 stores and concessions staying open.

Chief executive Helen Connolly said: "This is not the outcome we had hoped for and we will work with the administrators to do all it possibly can to protect as many jobs as possible and secure its future going forward."

Tony Wright, joint administrator and partner at FRP, said: “Bonmarché has been a staple on the UK high street for nearly three decades, but the persistent challenges facing retail have taken their toll and led to the administration.

"There is every sign that we can continue trading while we market Bonmarché for sale and believe that there will be interest to take on the business.”The directors placed the business in administration after a sustained period of "challenging trading conditions and cashflow pressure", meaning the business was unable to meet financial obligations.

The administrators will keep Bonmarché stores open while looking into options for the business.Earlier this year Peacocks boss Philip Day took control of the high street retailer.

The deal valued the Yorkshire-based chain at around £5.7million - just five years ago the firm was worth nearly £100million.

Bonmarché, which was founded in 1982, warned last in March that trading had deteriorated, adding that it expected to lose around £5million this year.