New life in Life & Style

Stricken fashion and homewares chain Life & Style has been sold out of administration in a deal that will save nearly 500 jobs and return all the business to its original Ethel Austin branding.

The firm went into administration in June and 29 of its 91 stores were closed.

But yesterday the remaining business was bought by Ashloch, a company owned by retail entrepreneur Sue Townsend, which plans to retain the 62 stores and over 470 staff remaining.

Townsend said: "I'm looking forward to the opportunities and challenges of returning this once great brand back to profitability."