Ethel Austin in ‘advanced talks’ with investor

DISCOUNT fashion retailer Ethel Austin is understood to be in advance negotiations with an unnamed investor to safeguard its future.

According to reports, the Merseyside chain – which has 300 stores nationwide – intends to secure a refinancing deal that will enable it to inject working capital into the business.

The Knowsley-based company was bought out of administration in 2008 for an undisclosed sum by entrepreneur Elaine McPherson who is said to have injected £5.5m into the company just before Christmas
 
Ms McPherson – who was previously one of the managers at discount ashion chain MK One – also bought homewares retailer Au Naturale out of administration in 2008.

The company’s accounts, which were due with Companies House earlier this month, have yet to be filed.