Bonmarché bought by British billionaire Philip Day

The fashion chain Bonmarché was bought by British billionaire Philip Day, owner of Edinburgh Woolen Mill.

The troubled retailer warned last month that trading had deteriorated, adding that he was expecting to lose 5 to 6 million pounds this year.

The deal is based on the Yorkshire-based channel, which began in 1982 and now has 312 clothing stores for those 50 years and older, at approximately 5.7 million pounds.

Mr. Day said that he was "well placed to secure the [chain’s] long-term future ".

The businessman began his career at clothing manufacturers Coats Viyella and Wensum before taking control of Edinburgh Woolen Mill.

Through Edinburgh's Woolen Mill, Mr. Day has purchased several clothing chains, including the discount chain Peabads and upscale brands Austin Reed and Jaeger.

Mr. Day bought Bonmarché via his Specter investment vehicle, based in Dubai.

He stated that he could provide "advice, guidance and support to ensure the long-term future of Bonmarché's business, its stores and its employees".

In his statement, Specter said: "Specter's owner, Philip Day, has a proven track record in the retail sector, especially in turnaround situations and difficult situations."