Closure of BadCo allowing company resource to focus on GoodCo strategy and development



Transaction background


  • GA Europe engaged alongside PE house Sun Capital to acquire BonMarché via a Good Co/Bad Co structure.
  • Acquisition was from within the administration of Peacocks, KPMG as Administrators.
  • GA Europe was responsible for the closure of 165 stores, in parallel with Sun's negotiations for the assignment of the Good Co store leases.
  • The transaction ran from 31 January 2012 to 23 March 2012.



Operational details


  • The GA Europe team was comprised of 4 to 5 team members at the company's headquarters, with 25 field consultants.
  • Very limited involvement of BonMarché team as focused on Good Co.
  • GA Europe managed the closing stores along with the discount strategy and advertising, as well as managed in-store staff and supported the trade out with the augment of new season merchandise.
  • Facilitated the unlocking of working capital via the sale of excess stock and pre-ordered stock no longer required for a smaller Good Co portfolio.





  • GA Europe was responsible for the realisation of approximately £6m sales proceeds, at a recovery rate in excess of 150% stock at cost.
  • Sales multiplier was 1.3x broadly in line with plan, but trading extended for an additional two weeks in order to maximise recovery.
  • Approximately 50 Stores moved back into New Co as a result of more favorable terms achieved from landlords.