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Envy bought out of administration

Envy has been bought out of administration by new company Envy Retail.

Envy owner John Kinnaird is a director of the Envy Retail which was set up last month, and the deal means that all 52 shops will continue to trade and 800 jobs have been saved.

Toby Underwood, Graham Newton and Shay Bannon at BDO Stoy Hayward LLP were appointed joint administrators of Style Menswear today.

Style Menswear, trading as Envy, operated from 52 shops and 31 concessions across the UK.

Toby Underwood, business restructuring partner at BDO Stoy Hayward, said: "Given the current difficulties retailers are experiencing on the high street, we are delighted to have sold Style Menswear to Envy Retail Limited and in the process saved 800 jobs.

He added: "It will be business as usual for all stores from today onwards and we wish them well for the future."

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