The administrators Deloitte & Touche has sold 100 MK One stores to Jet Star Retail, a company connected to Mark Brafman, who started the MK One budge clothing chain in 1985.

The sale, for an undisclosed sum. is likely to save many hundred jobs among the group's 2500 staff, although Deloitte refused to comment, according to The Press Association.

Deloitte, appointed administrators last week, has already cut 39 jobs at the group's head office. The sale represents more than half of MK One's 172 stores.

‘We will continue to trade the remaining stores under the MK One banner whilst exploring the available options,’ Deloitte partner Lee Manning said.

Further reading:

Deloitte called in at MK One

MK One enters administration