French Connection has been sold to a consortium including its second-largest shareholder in a deal valuing the fashion chain at £29million.
The struggling business said it has accepted a 30p per share offer from Apinder Singh Ghura, who already owns around 25.4 per cent of the group, as well as Amarjit Singh Grewal and KJR Brothers.
Founder Stephen Marks, who has been looking to sell his 42 per cent stake for years, will retire from his role as chairman once the sale is completed, the company said. The 75-year-old, who set up the business in 1972, is set to take home around £12million from the deal.
French Connection – which has 150 stores and concessions globally – began seeking new buyers in March this year as it struggled to recover from the effects of the COVID-19 pandemic that saw revenue fall by 40% in its last financial year.
