FASHION retailer Monsoon yesterday 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 per cent of the company, is leading a management buy-out after offering 424p a share for the group, valuing Monsoon at about £755m.
The womenswear retailer, which also owns jewellery and accessory chain Accessorize, also reported a further slide in sales since a 16 per cent drop in last year's profits - its second year of profit falls in a row.
Like-for-like sales dived by nine per cent 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.
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