UK-based menswear chain Greenwoods has been bought out of administration by Versatile International Trading.

The development has prevented 181 jobs from being axed.

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Greenwoods was placed into administration last month, and accountancy firm Deloitte partners Adrian Berry and Clare Boardman were appointed to oversee the process.

Versatile will acquire 40 stores, central warehouse and head office from Greenwoods as part of the sale. However, 22 stores will be closed, resulting in 88 job cuts.

Berry was quoted by media sources as saying: “This sale represents the best outcome for the business, which has been trading in administration for over six weeks.

“A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support during this difficult period.”

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“This sale represents the best outcome for the business, which has been trading in administration for over six weeks.”

Established in 1860 as a hat shop, Greenwoods has a reported turnover of £20m.

Prior to the administration process, the retailer operated 63 stores and two concessions across the UK, employing around 318 people.

At the time of the commencement of the administration process, Bradford East MP Imran Hussain told media sources: “Unfortunately it shows the challenges presented to our High Streets in the face of online retailers, particularly when high street stores have to pay punitive business rates while large, out-of-town warehouses of online retailers pay less, despite higher profits, which demonstrates the need for deep, fundamental reform of the business rates system to adapt to the 21st century and give high streets a chance.”