Fashion brand Evans, part of Sir Philip Green’s collapsed Arcadia retail empire, has been sold for 23m.
Australian-listed City Chic is acquiring the business after Arcadia was driven into administration by the coronavirus crisis hammering Britain’s high streets.
But the deal does not include any of the 90-year-old brand’s store network, though these will “continue to trade for the time being”, administrators Deloitte said.
Evans, a plus-size clothes and footwear retailer which is one of Arcadia’s smaller brands, has five standalone stores with its goods also sold at other shops.
The deal includes its e-commerce and wholesale business, Deloitte said.
Evans, established in 1930, generated £23m in online sales and £3m wholesale revenues in the year to August.
City Chic, which also specialises in plus-size women’s fashion, is listed on the Australian stock exchange and operates mainly online in Australia, New Zealand and the US.
It also has a store network in Australia and New Zealand and wholesale trading in the US, UK and Europe.
The deal is expected to complete on Wednesday.
Deloitte said the process to secure owners for the other Arcadia brands – which include Topshop, Topman and Dorothy Perkins – was ongoing.
“There have been significant expressions of interest for all brands,” the administrators said, adding that a further update was expected in the new year.
Sky News revealed last week that retailer Next was in talks with American investment firm Davidson Kempner about a joint bid to gain control of Arcadia.