Consortium rescues UK retail chain

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A major British fashion chain has been brought out of insolvency following a rescue bid from a consortium of investors.

Manchester-based Blooming Marvellous - which provides maternity wear - was resurrected after Ethel Austin owner Elaine McPherson and importing giant Mike Basso stepped in, reported the Manchester Evening News.

Elaine McPherson told the newspaper: "This is a great opportunity to acquire, what is still, despite trading difficulties, a strong and well recognised brand.

"The new management team have huge experience in retail, direct and product sourcing and we intend we intend to work with the existing staff."

During insolvency proceedings, companies may often turn to services such as an Ansarada virtual data room, which allows for the secure and quick sale of assets in a controlled online environment.

An expert from the restructuring firm Begbies Taylor recently claimed that the number of commercial property insolvencies in the UK could reach 1,600 this year.