David Mond of accountants Hodgsons has invested £100,000 of his own money into the company, and has persuaded a number of business contacts and friends to do the same, according to the Financial Times.
It reports that Julian Richer, the man behind hi-fi chain Richer Sounds, is one of the investors.
The deal should secure the jobs of 345 Fads employees across 53 stores.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies