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Nicole Farhi bought by Matalan heiress

Nicole Farhi has been bought out of administration by fashion entrepreneur Maxine Hargreaves-Adams.

Hargreaves-Adams, the daughter of Matalan founder John Hargreaves, acquired womenswear brand Fenn Wright Manson last year.

She also took a 50% stake in womenswear brand Damsel in a Dress last month.

Hargreaves-Adam said: “I am delighted to announce that we have been able to acquire Nicole Farhi, an iconic and much loved British brand.”

Nicole Farhi collapsed into administration earlier this month, with Zolfo Cooper appointed to find a buyer.

Private equity firm Kelso Place Asset Management had bought the business in 2012, pledging to invest £15m over five years.

Chief executive Francois Steiner left Nicole Farhi in May, after just a year at the helm.

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