Fashion label Ghost was saved from collapse today when it was bought by the owner of shirtmakers Hawes & Curtis.

A statement from Ghost - founded in 1984 by designer Tanya Sarne - said it had been forced into administration after private fund KCAJ "refused to invest further" following the collapse of the Icelandic banking market.

The UK label's purchase by fashion executive Touker Suleyman safeguarded 142 jobs at the company. He immediately announced plans for a relaunch, with a new range of designs and accessories, in March 2009.

Ghost, which targets the high end women's market, currently has 33 outlets and a number of concessions, including at House of Fraser stores.

The company statement said trade would continue as normal at its stores until the relaunch.

It said Mr Suleyman, chief executive of Low Profile Group, plans to invite famous British designers to create "capsule ranges" for the brand, which he also wants to reintroduce into the US and Japanese markets over the coming year.

The Low Profile Group manufactures garments for retailers such as Marks & Spencer and Next in factories in Turkey, Bulgaria, Georgia and the UK.

Mr Suleyman acquired Hawes & Curtis in 2004, which now has over 20 stores and 300 staff in the UK.