The new owners of Bay Trading have acquired 45 standalone stores out of the 175-store portfolio.

Administrators Deloitte confirmed that the Loomba family, which owns wholesaler and supplier Rinku Group, acquired the stores and 85 concessions for an undisclosed amount, as revealed by Retail Week yesterday.

The deal safeguards 566 jobs at the retailer, which had 1,800 employees. The Hatfield head office closed on Friday and staff there were made redundant.

Deloitte joint administrator Lee Manning said: “We are pleased that we have been able to secure Bay Trading’s future. It will be predominately a concessions-based business, with a number of stores also continuing to operate.”