Monsoon Accessorize founder Peter Simon has rescued his company through a buyout covering the retailer’s brands, head office and distribution centre.

Adena Brands, a company ultimately controlled by Simon, will now enter talks with the landlords of many of Monsoon and Accessorize’s 230 stores to try and reach terms to reopen them once the Coronavirus lockdown ends next week.

A statement explained that it hoped to save as many as 100 of those stores, but the deal means that there will be an immediate loss of around 545 jobs across 35 closed stores.

Before it fell into administration, Monsoon Accessorize employed 2,300 people across its stores and 4,500 in the supply chain.

Following a sale process instigated by administrators from FRP Advisory, Simon invested up to £15 million, in addition to the £12 million he put in at the time of its Company Voluntary Arrangement last year.

“Both Monsoon and Accessorize were trading well before the Coronavirus pandemic but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months,” Simon said.

“We will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords," he continued, adding: “We believe that fashion has a future on the high street, and we are prepared to commit time and money making it work."

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