UK-based investment house Friends Ivory & Sime Private Equity (FISPE) has taken a 20% stake in British clothing retailers Bonmarche.
The move - led by the Birmingham office of FISPE - amounts to FISPE investing £7.3m in the business, a “substantial” portion of which comes from UK pension funds, according to director of new investments at Friends Ivory & Sime, Mark Advani.
The deal follows a decision by Bonmarche owners, brothers Gurchait and Gurnaik Chima, to sell the business to a new investment vehicle, Bonmarche Group, in exchange for shares and cash.
Alongside FISPE, the Chimas retain a 70% stake, and the remaining 10% is held by other company board members.
Once the deal is sealed, Advani joins the board as a non-executive director.
By Madhu Kalia
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.