Liric Limited buys troubled Elllie Louise chain

Liric Limited, owned by fashion entrepreneur Michael

Basso, has just announced the acquisition of failed women's clothes retailer, Ellie Louise. The latter went into administration earlier in April.

"We wish the company and its new owners all the best for the future,” commented on the sale Graham Wild, partner at administrators Zolfo Cooper. "We are extremely pleased to have secured the sale of Ellie Louise to Liric Limited, preserving 270 jobs,” he concluded.

The deal includes 57 stores - 22 of which are in Scotland - and the Happit and Trade Secret brands. It´s worthy of note that when Ellie Louise went into administration it had 97 stores and 439 staff.

Basso also controls Pan World Brands, which sells the Everlast Boxing and Lee Cooper Workwear brands in Europe.