Edinburgh Woollen Mill owner Philip Day recently made an offer for UK fashion retailer Bonmarche, valuing it at £5.7 mn and claiming he can guide and support to secure the long-term future of the business, its stores and employees. Bonmarche, which employs 1,900, admitted worsening business last month, saying it expects a loss of £5-6 mn this year.

Dubai-based British billionaire businessman Day plans to conduct a store-by-store profitability assessment and shut down underperforming shops, according to some reports. Day made the mandatory offer for Bonmarche via his Dubai-based investment vehicle Spectre. Edinburgh Woollen Mill retail empire includes brands like Peacocks, Austin Reed and Jaegar. Spectre revealed it had paid £3 mn for 52.4 per cent of Bonmarché’s shares and offered to buy out remaining shareholders at the same price.