Officers Club has been bought out of administration by its chief executive Dave Charlton.
PricewaterhouseCoopers was appointed as administrator of the Officers Club and its sister chain Petroleum today. The business was immediately sold on to a new company set up by Charlton, TimeC 1215.
Charlton has rescued 118 of Officers Club's 150 stores, securing 1,000 jobs. The remaining 32 stores will be closed with immediate effect.
Charlton said: "We are very pleased to be able to secure this deal and protect the employment of over 1,000 people in the stores and head office. We welcome the opportunity to take the business forward and look forward to a successful future."