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.
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