Menswear chain The Officers Club has been rescued from administration by its chief executive Dave Charlton.
PricewaterhouseCoopers was yesterday appointed as administrator for the retailer as tough competition and difficult high street conditions led to the collapse of the 150-store chain.
Charlton bought the business and its assets from the administrator saving over 1,000 jobs and will continue trading 118 of its 150 shops.
The Officers Club and its Petroleum brand fascia were bought by a company backed by the chief executive called TimeC 1215.
Separately it has emerged that Whittard of Chelsea’s former boss Will Hobhouse was an adviser to private equity group Epic, which bought the 130-store chain from administration yesterday.
Hobhouse is chairman of gifts retailer Past Times and fashion group Jack Wills. Reports suggest he may combine some of Whittard’s operations with Past Time’s.
The sale of Whittard of Chelsea has secured about 1,000 jobs but some of its stores may be closed.