270 jobs are saved as Happit chain is sold By PETER RANSCOMBE Published on Friday 20 April 2012 00:00 THE owner of Scottish-based women's fashion chain Happit was bought out of administration yesterday by the man who produces clothing for labels such as Cypress Point, Everlast and Lee Cooper. Leeds-based Ellie Louise Trading collapsed at the start of the month, putting 97 stores and nearly 440 jobs at risk. The company - which traded under the Budget Box, Ellie Louise, Gimbles, Happit, Seconds Ahead and Trade Secret brands - blamed a series of takeovers for "detrimentally" affecting its cash flow and profit margins. Liric Limited stepped in yesterday to acquire 57 shops, including all 22 north of the Border, and save 270 jobs. The firm also bought the Ellie Louise, Happit and Trade Secret brands and the online business. Documents filed at Companies House identified Michael Basso as the sole director of Liric. Basso owns Salford-based Pan World Brands, which was founded in 1989 and imports and distributes fashion and sports wear. Pan World Brands holds the European licences for Everlast Boxing and Lee Cooper Workwear. Its other brands include Cypress Point and Stuburt. Andrew Smith, a partner at corporate law firm Addleshaw Goddard, which advised on the sale of the business and its assets, said: "This deal demonstrates that, even in a tough market, with the right players there are still deals to be done." Graham Wild, a partner at accountancy firm Zolfo Cooper, which acted as the administrator, added: "We are extremely pleased to have secured the sale of Ellie Louise to Liric Limited, preserving 270 jobs. We wish the company and its new owners all the best for the future. Happit collapsed in 2008 and was bought by Second Thoughts, which in turn went to the wall in 2010, when Ellie Louise stepped in. Both Ellie Louise and Second Thoughts were run by the same family. Documents filed at Companies House listed Gurchait Singh Chima as Ellie Louise Trading's only shareholder. Gurchait and his brother, Gurnaik, reportedly pocketed nearly £10 million each after selling their Bon Marche women's fashion chain to Peacock's in 2002 for £51.3m. The pair started their business lives together by running a market stall in Huddersfield. Ellie Louise had become the latest in a string of high-profile retailers to fall into administration as consumers rein in their spending amid fears over job losses and rising inflation. Last month, computer games retailer Game Group collapsed with the loss of 2,100 jobs as 277 stores closed. The remaining 333 branches with their 3,200 staff were snapped up by private equity firm OpCapita, which also owns electricals retailer Comet. Over the festive period, four high street names - lingerie retailer La Senza, entertainment chain Hawkins Bazaar, fashion label D2 Jeans and gift shop operator Past Time - all went bust as the effects of the recession continue to be felt.