About 80 jobs have been saved after the management of a school uniform supplier agreed to buy 27 outlets out of administration with backing from Leeds-based lender Reward Capital.
Reward, advised by Russell Stevens in our banking and finance team, stepped in to support the buyout after the appointment of administrators to John Cheatle Ltd and John Cheatle (Midlands) Ltd, which primarily trades in Yorkshire under the Rawcliffes brand.
The MBO team, trading as Newplan Solutions, has taken on 12 branches and 15 in-school shops.
A number of the high street branches operate as Rawcliffes stores in locations including Bradford, Leeds and Stockton-On-Tees.
Dave Jones, partner at Reward Capital, said: "This deal marks an exciting new chapter for Newplan Solutions and Reward is looking forward to working with the management team to help the business prosper.
"The Rawcliffes name in Yorkshire is one loved by thousands of customers and we are delighted this transaction takes the business forward whilst preserving around 80 jobs."
Source: Yorkshire Business Insider