Administrators from The P&A Partnership have sold the UGO discount store group to the Poundstretcher chain in a pre-pack deal saving 245 jobs.
John Russell and Gareth Rusling were appointed joint administrators to UGO today and sold the business immediately on appointment.
All of the 245 staff employed at UGO’s 20 stores across the North of England and East Midlands have transferred to the new business.
Gareth Rusling said: “This was a particularly complex deal and we focussed in our negotiations on transferring over the employees. We are pleased that we have been able to rescue the business and save so many jobs, particularly given the tough economic climate for the retail sector. Poundstretcher is a strong brand with a growing High Street presence.”
The UGO stores opened last January in former Netto premises. A full list of stores is below.
The P&A Partnership is a leading specialist business turnaround and insolvency firm with offices across the UK and in London. Their support for businesses includes restructuring, finance brokering, debt collection and selling assets.