Ethel Austin revived again as Basso swoops
NORTH West businessman Mike Basso has snapped up the brand and 32 Ethel Austin stores out of administration.
The Altrincham-based company was placed into administration earlier this month for the fourth time in as many years, putting 500 jobs under threat.
Mr Basso, who is understood to have teamed up with one to the retailers other suppliers, has acquired the stores through a vehicle called Ricli Ltd, administrator Duff & Phelps confirmed to TheBusinessDesk.com.
Mr Basso said: “In spite of Ethel Austin’s well-documented recent history, I believe it is a strong brand, and that if it can be controlled it can be successful and have a future.”
The deal is the Salford-based businessman’s second retail rescue this year – in April he snapped up 57 stores operating under the Ellie Louise, Happit and Trade Secret brands.
On this occasion the owner of retail sourcing business Pan World Brands used a bid vehicle called Liric Ltd.
Ethel Austin’s previous parent company. Ashloch Ltd – run by former Blackwells director Sue Townsend, bought the business and assets of the retailer in August 2011 in a deal worth £1.5m.
The latest administration was triggered when distressed debt specialist GA Europe acquired Ashloch’s liabilities and then appointed Duff & Phelps.
Mr Basso was advised on the acquisition by Manchester law firm Lewis Hymanson Small.
Corporate partner Adele Librae said: “We’re pleased to see the business entering a new chapter under the ownership of our long-standing client. We completed the deal is just 24 hours, which meant that we were probably the only people not watching the Olympics opening ceremony last Friday.”
