Around 400 jobs at clothing retailer Kookai were safeguarded last night after the founders of the Oasis fashion empire bought a string of Kookai's UK stores from administrators.
An investment firm backed by Maurice and Michael Bennett - the brothers who founded the Oasis, Warehouse and Coast clothing stores - stepped in to secure a deal with French parent company, Kookai SA.
They took over 14 of Kookai's 25 UK stores and 20 of its 30 department store concessions. The move comes less than a month after Deloitte was appointed administrator to the stores.
Under the deal, investment firm Amery Capital will take immediate control of the Kookai brand in the UK after setting up a business called Kookai UK.
Lee Manning, administrator at Deloitte, said: "Kookai is a strong retail brand and a prominent feature on the UK high street. We are pleased to announce the sale of the company to Kookai UK, as a result of which 400 jobs will be protected."
It is not known what will happen to the remaining Kookai stores, which are still in the hands of the administrators.
In the Midlands the chain has an outlet in the Bullring and a concession at the House of Fraser in Birmingham.
A total of 600 staff were working at 25 Kookai stores and 30 concessions across the country at the time of the collapse.