Elaine McPherson has secured an injection of funds to launch fashion and homewares chain Life & Style, born from the ashes of value chain Ethel Austin, which she rescued from administration for a second time in March.
Textile businessman Suresh Ruia, managing director of Manchester-based textile business Beamfeature, has provided a “significant” amount of cash and become a major shareholder in the business.
Life & Style was formed in March after McPherson acquired the trade and assets of Ethel Austin and homewares chain Au Naturale.
The cash injection will be used to accelerate the expansion of the new company, which consists of 91 former Ethel Austin stores. McPherson wants to grow the business to 200 stores over the next two years.
She said: “There is a huge amount of synergy between our businesses and I am excited to have such a strong retail visionary joining the team.”
McPherson, who was formerly head of defunct value chain MK One, originally bought Ethel Austin out of administration in May 2008. It hit the buffers again in February this year.