Ballet Lingerie, the brand which went into administration last week, is understood to be on the brink of being acquired by its major shareholder EBI Apparel.
It is understood that manufacturer EBI Apparel, which has owned a majority stake in Ballet Lingerie since 2006, will complete a deal later today to rescue the company from administration by acquiring it in full.
Ballet Lingerie produces bra ranges under the Ballet brand and wholesales to stockists including John Lewis and specialist lingerie independents.
The deal is understood to involve the relocation of the full ballet workforce, which totals 16 staff, from Ballet’s office in Nelson, Lancashire, to the EBI head office in Leeds. Relocation of the team began in November.
A spokeswoman for KPMG said: “Howard Smith and Mark Firmin were appointed joint administrators to Ballet International Limited on January 29. The administrators are continuing to trade the business as a going concern, and are very hopeful of being able to find a buyer for the business. There have been no redundancies as a result of the administration.”