Atlantic Fashions rescued as mystery bidder steps in

Atlantic Fashions is thought to have been rescued from administration by a mystery bidder.

The young fashion retailer appointed administrator Bond Partners earlier this month, which said it was finalising a rescue package for the 31-strong chain as Drapers went to press.~

Bond Partners partner Theo Alexander said the business had experienced an "atrocious" last quarter. He said: "Atlantic became technically insolvent and couldn't trade without a huge cash injection."

He confirmed the business had been rescued by a "high net worth individual" but declined to reveal his or her identity. He added that the majority of jobs had been saved and all stores would continue to trade.

Meanwhile, former Dolcis owner John Kinnaird pressed ahead with plans to rescue the chain this week. Kinnaird said he was "75% of the way through" discussing new terms with about 50 landlords ahead of a possible buy-back. He said he would kick off supplier talks next week.

Sales at Dolcis for the year to November 2007 were £38.1 million – £6.6m below budget. This put it £5.36m in the red. It had £6.77m worth of stock at cost value as of January 22.