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Former MK One boss buys Ethel Austin

Former MK One chief executive Elaine McPherson has bought value fashion chain Ethel Austin out of administration.

Menzies Corporate Restructuring was appointed administrator of the 300-store chain Ethel Austin earlier this year. It is thought that McPherson picked up the business for around £10 million, and will take on most of its stores.

McPherson said that she would review the business before developing a turnaround strategy.

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