Shares jump 19.8 per cent in early trading
Shares in French Connection Group surged 19.8 per cent today after it announced plans to sell its 75 per cent stake in Toast to Dutch firm Bestseller United A/S for £23.3m.
The fashion retailer also said it will consider restarting dividend payments if the disposal went through and the company returned to profitability.
“This is great news for Toast and its highly talented team. Toast is a very strong brand and I have no doubt that the team will continue to develop it further under Bestseller’s ownership and Suzie’s continued leadership,” said French Connection’s chair and chief executive, Stephen Marks.
Toast, known for its Venetian palazzo, launched in 1997 as a mail order lifestyle brand, and now operates from 12 shops around the UK.
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