Basso’s buy-out of Ellie Louise saves 270 jobs
MIKE Basso, owner of the Ordsall-based Pan World Brands retail sourcing business, has picked up the business and assets of Yorkshire-based retail chain Ellie Louise from administrators Zolfo Cooper.
Mr Basso has bought 57 stores operating under the Ellie Louise, Happit and Trade Secret brands, as well as its online business, through Liric Ltd for an undisclosed sum. The purchase means 270 jobs have been saved.
The stores are predominantly based in Scotland, the Midlands and South Wales but include units at Kirkham and at Mold, Ruthin and Llangollen in North Wales.
Graham Wild, Simon Wilson and Anne O’Keefe from insolvency firm Zolfo Coopwer were appointed as joint administrators of Ellie Louise Trading Ltd on April 2.
Mr Wild said: “We are extremely pleased to have secured the sale of Ellie Louise to Liric Limited, preserving 270 jobs. We wish the Company and its new owners all the best for the future.”
Zolfo Cooper was advised by Andrew Smith from the Leeds office of Addleshaw Goddard and Liric was advised by Adele Librae from Manchester-based law firm Lewis Hymanson Small.
Mr Smith said: “The team on both sides were a pleasure to work with and this deal demonstrates that even in a tough market, with the right players there are still deals to be done.”
Mr Basso previously led a consortium which bought the maternity wear chain Blooming Marvellous out of administration in February 2009 before subsequently selling it on to Mothercare in July 2010.
