Argos parent Home Retail Group has bought Woolworths' toy brand Chad Valley for ÂŁ5 million.

In a statement Home Retail Group said: “The brand has very strong heritage, with independent research confirming high recognition amongst UK consumers. Chad Valley will complement Argos' existing toy business and help to consolidate Argos' position as the number one toy retailer in the UK.

“The purchased rights are for exclusive use of the Chad Valley name and associated trademarks both in the UK and internationally.”

Woolworths administrator Deloitte is still in talks to sell Woolworths’ children’s wear brand Ladybird as well as the Woolworths brand itself.

Deloitte said it is still “hopeful” of a sale of the brands, although it is thought no sale is imminent.

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