York indie Coggles looks set to rise from the ashes of administration after securing a buyer.
The premium retailer was placed into administration on May 7 after failing to secure new investment, with Andy Clary and David Acland of insolvency firm Begbies Traynor appointed as joint administrators.
The deadline for final offers was May 31. Clay this week told Drapers that Begbies Traynor had accepted an offer from an undisclosed party, and he was optimistic the business would be saved.
Clary said: “We are going through due diligence but we expect it to complete seven to 10 days on from May 31.”
Clary would not disclose who the potential buyer was, beyond confirming it was a company rather than an individual, adding that the majority of the business will be sold.
Once the transaction is complete the funds from the deal will be used to pay creditors, although it is not yet known how much they will receive.
Prior to its collapse, Coggles had been seeking a second round of investment worth £4m to aid further growth, following an initial £3m funding from Manchester Square Enterprises, a subsidiary of Pentland Group, in 2011.