LUTON–based womenswear company Alexon, which operates brands such as Kaliko, Ann Harvey and Eastex, has been bought out by a private–equity firm.
Sun Capital Partners acquired Alexon just hours after the firm fell into administration and the sale is expected to save more than 2,700 jobs.
Jane McNally, chief executive officer of Alexon said: “We are extremely pleased to have a new owner which gives our business the more appropriate capital structure that we have been seeking.
“The capital investment that Sun European Partners affiliate will be making in Alexon as part of this transaction will enable us to invest further in our turnaround strategy which is focused our restructuring our store portfolio, the roll out of new retail environments and further acceleration of our e–commerce business.”
Alexon began trading in 1929 and operates from more than 990 outlets across the UK and Europe.
Paul Daccus, principal of Sun European Partners, said: “We look forward to partnering with Jane and her management team to build on progress made to achieve sustainable growth and help the company to expand its routes to market, while continuing to invest in its market leading brands.”