Pre-pack rescue deal saves 3,000 jobs at Alexon

Nearly 3,000 jobs are expected to be saved at Alexon, the distressed fashion group, after it was acquired out of administration by Sun European Partners, the private equity firm.

Alexon, which owns seven high-street brands including Ann Harvey, Kaliko and Eastex, yesterday appointed KPMG as administrator after it became the latest retailer to collapse. Alexon has struggled under the weight of its debts amid dire trading.

However, Sun European quickly snapped up Alexon in a pre-packaged administration deal, a controversial insolvency procedure that allows a company to fold and then be bought quickly by new owners after debts are ditched.