MONDAY, 22 JUL 2019

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
GloriaJeans_266x90px
IMH LTD

Interior Minister Calls for a Comprehensive Solution as Regards Migration Flows

Prodromos Prodromou: The President Is Ready to Meet the Turkish Cypriot Leader

IMH LTD
GAP_Group_2019_468x60px

INTERNATIONAL

brought to you by CIPA

Bonmarché Seeks Rescue Bid After 'Poor' Trading

Bonmarché Seeks Rescue Bid After 'Poor' Trading

Troubled fashion chain Bonmarché has warned that trading in the first quarter has been "poor" and reversed its opposition to the £5.7m takeover offer from UK billionaire Philip Day, the BBC reports.

Blaming poor weather, the chain said that it was also possible that its losses could be greater than the £5-£6m it was expecting.

This made the terms of the offer from Day more acceptable.

The Yorkshire-based chain has 312 shops with clothing aimed at the over-50s.

It employs 1,900 full-time equivalent people and Edinburgh Woollen Mill Group-owner Day has previously warned he expected a "material reduction" in headcount at the chain.

Through his Dubai-based investment vehicle Spectre, Day made a mandatory takeover bid in April after buying a 52.4% stake in the retailer.

The offer is at 11.445p per share and the shares were trading on Tuesday, before this announcement, at 15p.

The board of Bonmarché says the offer "does not adequately reflect the potential longer-term value of the business".

But it adds that "the increase in uncertainty that has developed, reflecting the trading and financial position of the business during the first quarter of the financial year, makes the certainty represented by the offer potentially more attractive in the short term".

The terms of the offer are "now fair and reasonable", the company said.

"The board believes that once the near-term has been weathered, the medium and long-term prospects for the Bonmarché business are good," it added.

 

MORE ON INTERNATIONAL

Annual Inflation Up to 1.3% in the Euro Area

The euro area annual inflation rate was 1.3% in June 2019, up from 1.2% in May. A year ...

Electric Car Models to Triple In Europe by 2021

The number of electric car models available to consumers in Europe is expected to triple ...

Ursula von der Leyen Elected First Female European Commission President

German minister wins narrow backing of MEPs to succeed Jean-Claude Juncker, The Guardian ...

FROM AROUND GOLDNEWS

   

Prodromos Prodromou: The President Is Ready to Meet the Turkish Cypriot Leader

Government Spokesman Prodromos Prodromou said on Thursday that President Nicos Anastasiades was ready to meet with Turkish Cypriot leader Mustafa Akinci, ...
   

Cyprus Airways Announces the Launch of Ticket Sales For Flights to Prague for Winter 2019-20

Cyprus Airways announces the launch of ticket sales for Prague for winter 2019 – 2020.  The company will operate flights between Larnaca and Prague ...
   

Ursula von der Leyen: Hard Brexit Would Be Massive Blow for Both Sides

Newly elected EU chief suggests there could be emergency help for Ireland, The Guardian reports. The European commission’s new president has said a ...
   

Debenhams Seeks £50m to Ease Christmas Trading Period

Retailer has £200m lifeline from rescue package and is close to announcing new chief, The Guardian reports. Debenhams is lining up a £50m cash ...
   

Price Index for Construction Materials Declines Marginally in June

The Price Index of Construction Materials fell marginally in June compared with the previous month, but continued its upward trend on a year on year basis, ...
   

Interior Minister Calls for a Comprehensive Solution as Regards Migration Flows

Interior Minister Constantinos Petrides stressed on Thursday the need for a comprehensive and substantive solution with a view to achieve an effective ...
   

Tax Benefits for Foreign Nationals

Cyprus has been a member of the European Union since 2004 and adopted the euro in 2008. The country is known for its well-educated workforce, good business ...
   

Flexible Work Arrangements By Pwc Cyprus

PwC Cyprus has, as of 1 June, introduced the "Everyday Flexibility” framework. It is a new flexible work scheme that provides the people of the ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Limassol_Economic_19/06-18/10_300x250px
GloriaJeans_300x250px

IMH LTD