Basso throws Ethel Austin a lifeline

By ERIKKA ASKELAND
Published on 31/07/2012 00:00

BUDGET fashion chain Ethel Austin will live on after a fashion importer bought 32 stores from administrators.

Earlier this month, it went into administration for the fourth time in as many years.

Mike Basso, who runs Salford-based Pan World Brands and a former supplier to the business, has led the buy-out, saving 198 jobs.

Philip Duffy and Sarah Bell, joint administrators of Duff & Phelps, said that the deal had been agreed with Basso’s new firm, Ricli. They said 12 stores had been transferred and the remaining 20 will be handed over in two phases “subject to satisfaction of certain conditions during the course of the next two weeks”. Duffy said his firm would run a rump of nine stores and the company’s Altrincham-based head office and warehouse as it sought another purchaser.