Ellie Louise stores sold to Liric
Around 270 jobs have been saved at Ellie Louise after administrators sold the failed womens clothing retailer to Liric, a newly-formed company owned by entrepreneur Mike Basso.
Administrators Zolfo Cooper said the sale included the Ellie Louise, Happit and Trade Secret brands as well as its online business.
Ellie Louise fell into administration earlier this month as it struggled with cash flow and problems arising from its acquisition of Trade Secret in 2010. The retailer operated 97 stores before its collapse but 40 were closed after administrators were appointed.
In a statement Graham Wild, partner at Zolfo Cooper, said: "We are extremely pleased to have secured the sale of Ellie Louise to Liric Limited, preserving 270 jobs."
The stores bought by Basso are located mainly in Scotland, Wales and the Midlands.
Currently the owner of importer PanWorld Brands, Basso was part of the consortium which acquired the maternity wear chain Blooming Marvellous in 2009. The company was later sold to Mothercare.
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