The UK subsidiary of German womenswear brand Escada has been bought by Subco Limited, the wholly-owned subsidiary of the Mittal Trust.
KPMG was appointed administrator of Escada UK last night and was immediately sold to the Mittal Trust. Escada AG the parent company was sold to Megha Mittal, daughter-in-law of steel magnate Lakshmi Mittal last month.
There have been no operational or structural changes to the UK arm of Escada as a result of the pre-pack sale.
The brand will continue to trade from two stores, on London’s Sloane Street and at the Gleneagles Hotel in Perthshire and from two concessions in Harrods and at Heathrow Terminal 4.
There has been no change made to the Escada UK wholesale division.
The sale safeguards 44 jobs in the UK.
KPMG joint administrator Jane Moriarty said: “Given the inseparable nature of Escada UK and Escada AG, the offer from Mittal Trust represented the best deal for creditors of Escada UK.”