Beth Butterwick joined Bonmarché in 2011, eight weeks before it went into administration in January 2012, where she was tasked with turning around the business. In her time, she has spearheaded a transformation, led the business through an acquisition in 2012, the IPO on AIM in 2013 and through the company’s transition to the London Stock Exchange’s main market as one of the UK’s largest women’s value retailers. We’ve have had the pleasure of working with Beth over the past three years and will continue to work with executive team going forward. We have the privilege of finding Beth’s successor. Beth is an outstanding leader and one to watch. We know wherever she goes she will be a great success.
She is now stepping down to join Karen Millen in the same role of CEO; the retailer has been without one since Mike Shewrwood departed in September after plans for a management buyout were dropped. The Bonmarché board is carrying out a comprehensive search for a replacement and Butterwick will remain with the retailer until such a successor is found to ensure a smooth transition.
Of her departure, Butterwick said: “It has been a great privilege to lead this unique company. I would like to offer my sincere thanks for the valued support from customers, colleagues, suppliers and shareholders, throughout my time with Bonmarché.”
Bonmarché also issued a profit warning this morning, blaming challenging tradition conditions since Black Friday. The company has dropped its pre-tax profit expectations to between £10.5m and £12m on the back of “volatility in trading conditions”. It comes after they posted a 15.6% drop in interim profits to £5.4m, despite a 2% increase in like-for-like store sales.Their share price also dropped more than 22% this morning.