A MILTON Keynes lingerie store has been bought by a business in Kuwait in a deal that has saved 20 jobs.
The La Senza in Silbury Arcade is one of 60 in the chain to have been saved by the sale by administrators KPMG to Alshaya UK Limited, part of the Alshaya group of companies.
Joint administrators Richard Fleming, David Standish and Rob Croxen, restructuring partners at KPMG completed an agreement to sell part of the business to, a leading international retail franchise operator based in Kuwait.
Alshaya have acquired 60 of La Senza UK’s stores, securing around 1,100 jobs in the UK.
La Senza UK confirmed it was commencing a programme of 81 store closures on Friday, December 30, including in Luton, Aylesbury and Hemel Hempstead. These stores do not form part of the sale to Alshaya, and have ceased trading.
The administrators have also announced the closure of a further three stores and 18 concessions.
The closure of 84 stores and 18 concessions has unfortunately resulted in approximately 1,300 job losses. Around 15 members of staff have been retained by KPMG to assist the administrators.
Richard Fleming, joint administrator and UK had of restructuring at KPMG, said: “Alshaya is a leading international retail operator with long standing links with the UK as the international franchise partner of a string of high street brands. This deal recognises the value of La Senza as a strong and popular high street brand with a loyal customer base.”
Mohammed Alshaya, executive chairman of Alshaya Group in Kuwait, said: “We are delighted to have reached agreement to buy these La Senza stores - saving jobs, protecting a great brand for consumers and strengthening our UK presence and links. This is a strategic investment for us and a positive addition to our extensive international retail portfolio. This is the first step in a long-term commitment to developing the La Senza UK business, which we believe has great potential.”