French Connection is heading back into private ownership. Shareholders in the struggling UK fashion brand have voted to back the £29 million takeover by Newcastle-based businessman Apinder Singh Ghura.
French Connection on Tuesday released what we assume will be its last set of results before it’s sold, and they showed the start of a recovery. But its performance is still far from its glory days earlier this century.
French Connection, the provocative UK fashion brand known for its "FCUK" branding, said on Monday it has agreed to sell itself for 29 million pounds, after years of losses only made worse during the coronavirus pandemic.
French Connection said on Tuesday it was mulling a sale and sought potential suitors as Spotlight Brands and Gordon Brothers backed out from making an offer to buy the struggling British fashion retailer.
Frasers Group took advantage of a rising share price last week to sell its entire stake in struggling French Connection. The company had a stake adding up to a 24.93% holding in the firm prior to the sale.
French Connection said on Friday that it has received more than one takeover approach. It’s considering a sale of the retailer, which has been struggling for several years and has seen its share price plummeting.
Fashion retailer French Connection on Friday announced a new funding package to specifically help its US business. And it also said that trading is tough as lockdowns have dented sales, but e-tail is stronger.
French Connection’s interim results on Tuesday didn't make happy reading as the six months ending July 31 saw the majority of its trading period impacted by the pandemic and sales plunged, although e-tail was up.