Bennetts saved from administration

The world's oldest department store, Bennetts in Derby, England, has been saved from administration and collapse after a yet undisclosed buyer bought the business.

According to joint administrators from Bridgewood, the deal has been agreed and the details of the buy will be revealed by the end of April.

Bridgewood told Retail Gazette 22 jobs were saved at Derby, where the company was founded back in 1734.

“We are very pleased to have achieved a sale in principle, which will ensure the iconic Bennetts brand continues to have a strong presence on Iron Gate,” joint administrator Paul Mallatratt told the Retail Gazette. "We are confident that the proposed purchaser, who has existing retail operations in the South of England, will be able to revive the store whilst also preserving everything that is loved about the Bennetts brand.”