Retail entrepreneur John Kinnaird has bought struggling menswear chain Envy for £1.
Kinnaird the former boss of shoe chain Dolcis, which went into administration last month, finalised a deal to buy the business this morning.
Kinnaird bought the business via an investment vehicle called Hamsard 3032 on a cash free, debt free basis for £1.
Alexon said it had shed the loss making businesses to concentrate on its womenswear business.
Style Menswear - the holding company for Envy - made an operating loss of £2.7 million on sales of £54.7m over the year to January 28, 2007.
Style Menswear trades from 55 shops and 60 concessions.
Kinnaird is also in talks to buy back 30 Dolcis stores and it is thought he will combine them with Envy to make a new chain. The Envy deal was brokered by Hawkpoint.
More to follow...