French Connection enters takeover talks
The company, known for its ‘fcuk’ brand has experienced a difficult period of trading amid the covid-19 pandemic
Fashion retailer French Connection has revealed it is in takeover talks with two possible suitors.
In a letter from the board published on Friday 5 February, FC stated that it had been approached by Spotlight Brands and Gordon Brothers International LLC as well as Go Global Retail and HMJ International Services Ltd.
French Connection said the talks are at a “very early stage”, adding that there is no certainty that an offer will be made.
The company, known for its ‘fcuk’ brand has experienced a difficult period of trading amid the covid-19 pandemic. Back in October the group saw revenues fall by 53% in the first half of 2020 and also the shuttering of nine high street stores.
At the time Stephen Marks, chairman of the brand said that 2020 had “undoubtedly been the most difficult trading period that the group has ever faced”.
However the company has since managed to secure £4.9m in additional funding through the Main Street Lending Programme to support its US-based operations and staff.
Speaking in October Marks said: “Despite the unprecedented difficulties we continue to face alongside the rest of the high street, having been able to secure the necessary financing we feel that we are well positioned to navigate an extended period of uncertain consumer demand but also ready to capitalise on any opportunities.”
