Life & Style has been bought out of administration by Sue Townsend, former director of bookseller Blackwells.
The homewares and fashion chain, formerly owned by Ethel Austin founder Elaine McPherson, will retain 62 shops predominantly in the North West and save more than 470 jobs with a "significantly streamlined" head office operation.

Ms McPherson launched Life & Style in March last year after acquiring the trade and assets of her failed retail chains Ethel Austin and Au Naturale, which had entered into administration in February 2010.

Life & Style collapsed into administration in June this year after its banks appointed administrators RSM Tenon.

Ms Townsend is said to have paid £1.5m for the business after protracted negotiations.

She said: I am delighted with the conclusion to the purchase of the Ethel Austin chain and I am looking forward to the opportunities and challenges of returning this once great brand back to profitability."