Hawkin's Bazaar has been salvaged by Primary Capital, the private equity owner that sought administration for the toy and gift retailer just last month.
Peter Saville, Fraser Gray and Anne O'Keefe of corporate advisory and restructuring firm Zolfo Cooper were appointed as administrators of Tobar Group Holdings, Hawkin's Bazaar's parent, in December.
Primary Capital, which owned the business before Zolfo Cooper was appointed, has now come back in via a management buyout.
The retailer had operated 65 stores and employed 380 staff, the majority of which have lost their jobs as only eight shops will remain.
Peter Saville, partner at Zolfo Cooper, said: “We are extremely pleased to have secured the sale of the group which puts it on a firm footing for the future. We wish the group and its owners all the best for the future.”
As well as the eight stores, Primary has bought all stock, trading names and the wholesale and online businesses.