Sixty UK, the trading company for the Miss Sixty and Energie clothing brands in the UK, will be bought out of administration within the next month.

Around 250 jobs will be saved as creditors and shareholders complete a company voluntary arrangement (CVA). It is thought to be the first successful completion of a CVA in retail since the downturn began.

Sixty UK, which has 11 UK stores, hit the buffers on October 1 last year.

Vantis administrator Peter Hollis said: “This is a good news story on an otherwise gloomy high street. It is a triumph for sensible attitudes and strong, reasonable negotiations. Through proper dialogue with stakeholders and management, we have been able to develop a robust trading strategy, while Sixty UK operations continued uninterrupted.

“It is my hope that this will prove a milestone in the processes used and outcomes achieved for the ailing retail sector.”