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French Connection has confirmed its shareholders have agreed to the £29m sale of the company to MIP Holdings.
The offer comes from one of the company’s biggest shareholders, Apinder Singh Ghura, who in February acquired a 25% stake in the business from Mike Ashley’s Frasers Group.
For the takeover Ghura has partnered with entrepreneur Amarjit Singh Grewal and KJR Brothers to form MIP Holdings.
The company also confirmed that the takeover deal requires final court approval before shares are expected to cease trading on 5 November, with the company expected to be re-registered as a private limited company on 8 November.
French Connection was co-founded by its current chairman Stephen Marks in 1972. Prior to the offer, he maintained a 42% stake in the business.
Upon recommendation of the offer last month, Marks revealed he would be stepping down from his role once the transaction closes.
Speaking to the Guardian, Ghura said: “We are delighted with the strong support for the recommended acquisition shown in this morning’s shareholder vote. We look forward to working with French Connection’s management to execute and implement our strategic plans to facilitate the future growth and profitability for the business.
“We must also pay tribute to French Connection founder, Stephen Marks, for his support during the acquisition process.”
