French Connection sold to a consortium

United Kingdom
Published:  05 October, 2021

British fashion retailer French Connection has been accepted a buyout offer of 30p (US$0.41) per share in cash, totalling £29 million (US$39.5 million), from a consortium of bidders.

The bid represents a 30% premium on its share price when the offer was revealed last month, which is led by its second-largest shareholder, Apinder Singh Ghura, who owns 24.95% of the business.

French Connection founder Stephen Marks, who owns 41.5% of the business, said he plans to retire from the business once the transaction is complete. He said: “This is an appropriate time for me to step back from the business that I founded in 1972, and I would like to take this opportunity to thank all our people for their contribution to our achievements over the years.”

Source: Fashion United