Deal saves 900 clothing chain jobs

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The chain was put up for sale by auditors PricewaterhouseCoopers after being put into administration on Tuesday. Business had been suffering during the economic downturn.

A new company backed by David Charlton, chief executive of The Officers Club, has taken on 118 of the firm's 150 stores. But the remaining 32 stores will close immediately.

Mr Charlton said: "We are very pleased to be able to secure this deal and protect the employment of over 900 people in the stores and head office.

"We welcome the opportunity to take the business forward and look forward to a successful future."

The Officers Club (TOC) is the latest high street business to fall victim to the retail downturn, joining Woolworths and beverage retailer Whittard of Chelsea in being placed in administration.

TimeC 1215 Ltd has purchased the business and assets of TOC's 118 stores. It is not clear if the company will trade as TOC.

Ian Green, from PricewaterhouseCoopers in Leeds who was co-ordinating the deal, said: "We are delighted to be able to announce this sale, resulting in the preservation of over 900 jobs, particularly at this challenging time in the retail sector.

"The sale to TimeC 1215 Limited represents a significantly better result for the creditors of the companies than any other alternative."

TOC was started in Sunderland in the early 1990s and sourced clothes cheaply from Asia, selling them under its own-brand labels. It grew rapidly and, after buy-outs, became Britain's biggest menswear-only retailer, with flagship stores in the North East and on London's Oxford Street.