Investors yesterday did what high street shoppers have increasingly failed to do in recent years and beat a path to the door of French Connection, lured by news of a potential sale of the fashion chain.
Shares in the company leapt by more than 30% at one point after it confirmed that it was assessing options for the business, including a sale.
The move could signal the end of any involvement with French Connection by Stephen Marks, its founder. Numis, the corporate broker, has been approaching prospective bidders who might want to take on Marks’ 42% stake. Given the size of his holding, any deal would be likely to trigger a takeover offer for the whole company.
The Independent adds that complicating any sale is the spectre of Sports Direct boss Mike Ashley, who holds a 27% stake in the firm.
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