MK One owner Mark Brafman, who rescued the business in May, has lured back former director Dolly Deacock to head up the value retailer’s buying team.
Deacock, who left MK One amid a raft of management changes under its previous owner Baugur in 2006, had spent 20 years at the business working directly under its most successful chief executive, Elaine McPherson. Deacock has been appointed to the board.
Brafman, who bought 100 of the chain’s 172 stores out of administration in May via a company called Jet Star Retail, does not sit on the board. He was disqualified from being a company director in 2001 but the disqualification will expire in September this year.
Meanwhile, one of Deacock’s biggest challenges will be to appease suppliers who were badly stung after Baugur sold the business to restructuring specialist Hilco for £1 and then it subsequently went into administration.
Suppliers were warned this week by MK One administrator Deloitte that unsecured creditors would receive a maximum of 1p for every £1 they are owed.
The report by Deloitte said MK One owed creditors more than £50 million and that the business made a loss of £20m in the year to January.