Tom Hunter leads Cruise buyout

The troubled Cruise fashion chain has been rescued with a buy-out led by the retail entrepreneur Sir Tom Hunter, saving 10 stores from closure.

Sir Tom, who bought the chain from the administrators at the accountancy firm Deloitte, said he planned to keep the stores trading as part of a joint venture with Van Mildert, the fashion retailer which will take charge of Cruise's buying operation. The 10 stores are spread across Edinburgh, Glasgow, Aberdeen, Belfast, Derby, Leicester and Newcastle.

"Cruise is an iconic brand that requires investment for growth," Sir Tom said. "It's a business I'm delighted to invest in. Combining the acquisition with a partnership with Van Mildert, an exceptional fashion business in my view, offers a strong platform from which to build both businesses."