Fashion green shoot as Wakeley buys back name saving 50 jobs

Ms Wakeley, whose clothes are regularly worn by Hollywood stars including Dame Helen Mirren, Demi Moore and Scarlett Johansson, spoke today of her delight at the £1million deal.

She lost control of her brand a decade ago when her former husband and business partner Neil Gillon sold it following their divorce.

The business ended up in the hands of a debt restructuring firm at the end of last year, but Ms Wakeley, 46, has now bought it back, securing the future of the label and scores of staff.

She told the Standard: "It's incredibly exciting. I'm a very positive person. You have a dream you try to make happen within the commercial reality and it's happened.

"It's fantastic news for the brand, for our talented staff and our wonderfully loyal customers. My staff are really worth it. These are the people on the shop floor who know and love the brand and support it with such enthusiasm."

One of Britain's best-loved designers, with three British Fashion Awards to her name, Ms Wakeley sells her dresses from her flagship store in Fulham Road and concessions in Harrods, Selfridges and Harvey Nichols.

She is the daughter of the second Baronet of Liss, Sir John Wakeley, and dressed the late Princess Diana in the mid-Nineties.

She founded Amanda Wakeley in 1990 and when she married Mr Gillon, an Australian-born millionaire property developer, a few years later she looked set to become the Donna Karan of the UK.

But he gradually took 100 per cent ownership of the business and after they divorced in 1998 sold it to Topshop boss Sir Phillip Green's business partner Richard Caring, who rehired Ms Wakeley simply as a designer.

She retained a 20 per cent stake but little power in the company, which was then sold on in 2005 to Saudi billionaire Walid Juffali, who is married to the former American model Christina Estrada.

But sources say Jufalli had no real interest in fashion and was reluctant to invest in the brand. He sold the business to corporate restructuring specialist Jason Granite, who owns Faith shoes, in December and Ms Wakeley walked out with more than 10 of her staff.

But in January this year she bought back the intellectual property rights to the brand and set up her own design studio in Chelsea under a new company, AW Atelier LLP.

She finally gained full ownership of the Amanda Wakeley brand this weekend.

Ms Wakeley, who lives in south London with her partner, said she was concentrating on the future rather than the difficulties she has overcome.

She said: "I'm not a big believer in throwing positive energy after negative thoughts. I don't look to the past, I'm about the future and pushing forward."

Customers will see little change in the short term. However, Ms Wakeley said she was looking to open more stores selling her womenswear, bridalwear and accessories, some in London, within the next couple of years.

Her latest collection has been well received and she says sales are holding up despite the economic downturn.

Mr Granite said: "I am absolutely delighted to have been able to sell the business to Amanda. The business is now back where it belongs and I am confident the brand has an exceptional future."