Management buy-out saves 1,000 clothes jobs

Around 1,000 jobs at high street womenswear chain Select were saved today after a management buy-out of half the business.

The team has taken over 125 of the group’s 250-store portfolio after the firm was placed into administration on Friday.

A controlling stake in the struggling Watford-based business was bought by Turkish investors last month, administrators UHY Hacker Young said, but poor trading in the meantime saw them opt for administration.

Around 800 jobs at the group’s other 125 stores remain in limbo as a buyer is sought.

UHY partner Andrew Andronikou said around half a dozen parties had expressed interest in the units, and they were continuing to trade.

“My main focus is on finding a buyer for these stores, and with a fair wind I am hopeful of doing so,” he said.