| Ex-boss MK One buys Ethel Austin |
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| Tuesday, 20 May 2008 | |
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Value clothing chain Ethel Austin has been sold to a new company formed by Elaine McPherson.
Philip Duffy and David Whitehouse, partners from Menzies Corporate Restructuring (MCR), were appointed as joint administrators on 15 April. The sum paid was undisclosed but the administrators state that it was the highest offer received. Duffy described the sale as a fantastic result for the business, allowing the Ethel Austin brand to maintain its strong presence in the high street, whilst also saving 2,500 jobs. “Ethel Austin is a big name in the value clothing retail sector and we’re delighted to see it acquired by such an experienced retailer,” he added. McPherson, the former chief executive of value fashion chain MK One, will undertake a strategic review of Ethel Austin. McPherson said: “I’m incredibly excited to have the chance to breathe new life into Ethel Austin. Despite its obvious trading difficulties and the recent regrettable loss of jobs and store closures, Ethel Austin remains a great value brand with a strong customer base.” She vowed to undertake a thorough review of the business to produce a strategy to transform the business’s trading performance and safeguard jobs. McPherson said she wants to return it to its former glory and added that this may well involve a revamp of the stores and the product range. “Despite the current tough economic conditions putting household budgets under pressure, I believe that a combination of quality and great value clothing can make Ethel Austin a retail success story once again,” she said. The business, which dates back to 1934, had established itself as a leader in the value clothing retail sector with almost 300 stores throughout the UK, from Scotland to the South West and South East of England. The latest annual turnover for the company was approximately £150m and the company employed more than 2,000 staff throughout its stores and at the HQ in Knowsley, Liverpool. Related articles Related links |
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