Fri, 20 Apr 2012 | ADMINISTRATION
Retail chain Ellie Louise Trading has been bought out of administration, saving around 300 jobs.
The business was bought by Liric, a company recently formed by Mike Basso. A total of 57 stores have been acquired by Liric, the majority of which are based in Scotland, Wales and the Midlands. They include the brands Happit, Trade Secret and Ellie Louise mastheads.
Ellie Louise went into administration earlier this month after struggling to keep up in the ongoing difficult trading conditions. Liric was unable to save the whole business as 40 stores were closed by administrators from Zolfo Cooper when the firm went under.
Graham Wild, one of the Zolfo Cooper partners who worked on the administration, commented: "We are extremely pleased to have secured the sale of Ellie Louise to Liric Ltd, preserving 270 jobs. We wish the company and its new owners all the best for the future."
Andrew Smith, partner at Addleshaw Goddard, who advised on the disposal of the business assets, added that the deal demonstrates that “even in a tough market, with the right players there are still deals to be done”.
Ellie Louise was founded in 1980 and had operated in the region of 100 stores during better times. It is hoped that Mr Basso's earlier experience within the retail industry will help to rebuild the health of the remaining stores.
The company retails a vast array of agronomy, farming and agriculture products, operating as a key supplier for grass seed and agrochemicals. Own-brand products are complemented by the provision of third-party ranges, with the offering also including...
LEASEHOLD
Multi-disciplinary economic development experts providing a range of specialist advisory and delivery services to public, private and not-for-profit organisations across the world.
Priding itself on its high-quality products, the company provides a comprehensive range of plastic corrosion-resistant fans alongside an array of services to compliment its product offering. As a specialist in the field, the business can design a bes...
09
|
May
|
Landsec sells hotel portfolio for £400m | COMMERCIAL PROPERTY
Landsec has sold its entire hotel portfolio, comprising 21 a...
09
|
May
|
Turner & Townsend acquires boutique consultancy | BUSINESS SALE
Leeds-headquartered professional services consultancy Turner...
09
|
May
|
Cheltenham hardware manufacturer undergoes MBO | MBO/MBI
A manufacturer of window and door hardware has been acquired...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.