Peter Simon has bought Monsoon and Accessorize out of administration with cash from a new holding company in a bid to “rescue a significant number of stores”.

Monsoon and Accessorize slipped into administration overnight blaming the impact of store closures due to the coronavirus and the effect it had across the group’s 230-strong store estate since mid-March.

He reacquired the brands from the administrator FRP Advisory through a new holding company Adena for up to £15m, along with the head office, design teams and the group’s distribution centre in Wellingborough, Northamptonshire.

The deal will secure up to 2,300 jobs while both Monsoon and Accessorize’s ecommerce arms will continue to operate.

Simon’s new holding company will now “enter talks with the landlords of many” of the group’s store to “see if they can reach terms to reopen them when the current lockdown ends to secure further jobs”.

The new group said it hoped to save “as many as 100 stores” from the current portfolio.

Monsoon and Accessorize underwent a Creditor’s Voluntary Arrangement (CVA) last year, which saw Simon plough a further £12m into the business.

Simon said: “I am delighted to be able to agree terms for this buyout of Monsoon and Accessorize with FRP Advisory. Ever since I opened the first Monsoon store in Beauchamp Place in 1973, this business has been my passion and my life, and I did not want to see it fall victim to this unprecedented crisis. Both Monsoon and Accessorize were trading well before the coronavirus pandemic but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months

“This deal secures the future of both Monsoon and Accessorize and means we can continue to serve our customers online without a pause. In addition, we will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords. I would like to thank landlords for the helpfulness and enormous forbearance they have shown so far, which has enabled us to get to this point.

“Ultimately, we hope to be able to save as many as 2,300 jobs in this process, and more than 4,500 in our supply chain, although unfortunately not all of them. We believe that fashion has a future on the high street, and we are prepared to commit time and money making it work.

“Monsoon and Accessorize will both emerge smaller and stronger after this but essentially the same – with our unique design flair and commitment to environmental standards and ethical trading intact. I am looking forward to working with everyone to overcome this crisis and make the next chapter in our history a success.”