Hawes & Curtis boss Touker Suleyman has bought fashion retailer Ghost after it fell into administration.
33-store Ghost, which was backed by retail entrepreneur Kevin Stanford and Icelandic investor Arev, was bought by Suleyman after Arev's Icelandic private equity fund Kcaj decided it would not invest further in the brand.
Suleyman said: “It’s an honour for me to have the opportunity to save Ghost and to be a part of returning it to its former glory of an aspirational luxury brand.”
The decision will safeguard 142 jobs and the brand will continue to trade as normal and be relaunched in March next year.
According to a statement issued today, Kcaj “refused to invest further” in Ghost after the collapse of the Icelandic banking market.
Arev also has investments in Cruise, Jones the Bootmaker and Blooming Marvellous and the administration of Ghost followed the collapse of Arev's Hardy Amies brand earlier this month after it failed to secure financial banking.
As well as relaunching the fashion brand in March, Suleyman will reintroduce it globally, including in the US and Japan, within the next 12 months.
Suleyman acquired shirt brand Hawes & Curtis four years ago. He also owns Turkish factories that produce product for Hawes & Curtis, Per Una and Marks & Spencer