Retail group sold for undisclosed sum
Retail group Actif, which went into administration earlier this month, has been sold to L Wear Ltd, according to a statement published by administrators Kroll today.
The sale was completed for an undisclosed sum and 270 jobs have been secured.
Buyer L Wear is owned by Mark and Christina Bunce. Mark Bunce is a former chairman of Austin Reed's Country Casuals brand.
Actif holds the UK clothing rights to the Elle brand, which it acquired from magazine publisher Hachette Filipacchi Presse in 1996 and the company also generates revenue from agency sales of Ted Baker products. It went into administration because it could not afford the quarterly rents due in April.
The latest available figures show a combined group turnover for Actif of£26 million. The group has eight prime store locations, nine retail outlets and a wholesale business.
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