Ellie Louise has been bought out of administration by Liric Limited.

Liric has acquired the remaining 57 stores, brands Happit and Trade Secret as well as its online business, saving 270 jobs.

The fashion retailer collapsed into administration on April 2, at which point it had 97 stores, employing 439 staff.

Administrator Zolfo Cooper had to close 40 stores.

Ellie Louise hit the buffers after tough trading impacted the business, while its acquisition of value brand Trade Secret in 2010 hit profit margins and cash flows.

Addleshaw Goddard partner Andrew Smith who advised on the disposal of the business and assets commented: “This deal demonstrates that even in a tough market, with the right players there are still deals to be done.”