Bonmarche prices shares ahead of flotation

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Fashion retailer Bonmarche today said its shares have been priced at 200p each as it gears up for a flotation next week.

The placing by Investec Bank will raise gross proceeds of £40 million, the Yorkshire-based firm said.

Bonmarche, which has 264 stores, including 13 stores across Scotland, was bought by Sun Euro­pean Partners in January 2012 for a reported £10m after previous owner Peacocks ran into difficulties.

Chief executive Beth Butterwick said: “We are delighted to announce that our initial public offering has been successfully received.

“We would like to welcome our new shareholders and are looking forward to the next stage in the development of the business as a publicly quoted company.”

Shares in the company are expected to start trading on London’s Alternative Investment Market on Wednesday.