Monsoon founder set to buy back business

28/09/2007 - 08:45:50
Fashion retailer Monsoon today backed a move by its founder to take the troubled business back into private ownership.

Chairman Peter Simon, who together with his family owns 75% of the company, is leading a management buy-out after offering 424p a share for the group, valuing Monsoon at around £755m (€1,078m).

The womenswear retailer, which also owns Accessorize, also reported a further slide in sales since a 16% drop in last year’s profits – its second year of profit falls in a row.

Like-for-like sales dived by 9% in the 17 weeks to September 22 and the group has yet to find a chief executive to replace Rose Foster, who quit at the end of March.