Jobs saved as 2nd Thoughts bought out of administration
MORE than 240 jobs have been saved following the acquisition of 2nd Thoughts, which went into administration following a period of poor trading.
Leeds-based 2nd Thoughts, which trades as the Ellie Louise and Happit chains of clothing stores in England and Scotland, appointed administrators Begbies Traynor last week.
Twenty-nine stores were closed and 140 redundancies made at the stores and at the group’s Yorkshire head office.
The business and assets of the company have been acquired for an undisclosed sum by Ellie Louise Trading.
The deal was negotiated by Bob Maxwell and Edward Klempka. Leeds-based solicitors Carrick Read Insolvency acted for the purchasers.
Mr Maxwell of Begbies Traynor, said: “This is the best possible outcome in the circumstances achieving a prompt sale of the business as a going concern will enable the remaining 49 stores to continue trading, safeguarding the existing jobs.
“This long-established firm has been another victim of the downturn in the retail sector, but the business built up over the last 30 years will remain in the hands of the family, giving it the best chance of recovery.”
Selling mostly budget ladies wear, the company has its headquarters and a warehouse in Garforth near Leeds and was established more than 30 years ago by Mick Broughton.
Value fashion retailer Ellie Louise expanded to more than 90 stores after the acquisition of family-owned Dunfermeline-based Happit in June 2008.
The family business began life as a stall on a Seacroft market and was subsequently run by sons Gary and Kevin.
Following the deal with Happit the group grew to boast 82 stores nationwide including 12 in Yorkshire and had annual turnover of £14m a year.
