Acquisition Resources

High street womens clothing chain, Select, was put into administration last week after experiencing low trading levels. The action has saved roughly 1,000 jobs in the company.Administrators, UHY Hacker Young, took over 125 of the group's 250 store in a management buy-out. Earlier this year some Turkish investors bought a 70% stake in the failing business for £13 million from founder Nigel Fisher, UHY Hacker Young said. Due to a lack of improvement in the sales, the investors opted for administration. Watford-based Select are currently continuing to trade and are seeking a buyer. Andrew Andronikou of UHY Hacker Young commented that there has been interest from a few potential buyers. Presently 800 jobs at the group's other 125 stores are in limbo until a buyer is found. Situated predominantly in smaller towns and cities, the chain, Select, sells budget clothing for teenagers and women up to the age of 50.