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Brafman buys MK One

Mark Brafman, a former director of value chain MK One, has bought the business out of administration for an undisclosed sum.

Brafman has bought 100 out of the chain's 172 stores and is understood to want to continue to run the business as a going concern.

Deloitte, which was appointed as administrator last week, will continue to explore options for the chain's remaining stores, which will continue to trade as MK One.

Administrator Lee Manning said: "We can announce the sale of approximately 100 MK One stores to Jet Star Retail Limited, a company connected to Mark Brafman, the original founder of MK One in 1985, for an undisclosed amount."

MK One went into administration last Wednesday after former owner Baugur sold the business to Hilco for £1 on May 2.

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