Bonmarché saved as buyer swoops

Sun European Partners has acquired Bonmarché, the sister chain of collapsed Peacocks, out of administration for an undisclosed sum, continuing the private equity firm's buying retail spree.

The firm has acquired 230 of Bonmarché's stores, saving about 2400 jobs. However, Sun European is set to close more than 160 shops of the chain for older women, which will result in 1600 job losses.

The private-equity firm has made a series of retail acquisitions in recent months that target the grey pound, including the fashion group Irisa (formerly Alexon), the golf specialist American Golf, and the female clothing retailer Jacques Vert.

Peacocks, which was part of the same group as Bonmarché, collapsed into administration last week, putting the future of 611 shops and around 10,000 staff in doubt.

Private-equity firms, including KKR and Permira as well as trade players Select Retail and Blue Inc are eyeing buying parts of Peacocks out of administration.

Sun European said it was confident of "sustainable growth" at Bonmarché.