Entrepreneur Sir Tom Hunter has bought fashion chain Cruise, which went into administration earlier this month.
He has acquired the ten-store Cruise group from administrators Deloitte for an undisclosed sum and will continue to trade from all the shops.
The chain was bought by business restructuring firm Hilco from HBOS earlier this month, but then went into administration and was bought by Sir Tom on Wednesday.
His spokesman said the move would save around 300 jobs.
Sir Tom, who founded the Sports Division chain, also announced the formation of a joint venture with fashion retailer Van Mildert to “maximise opportunities in the luxury fashion industry”.
He said: “Cruise is an iconic brand that requires investment for growth, it’s a business I’m delighted to invest in.
“Combining this acquisition with a partnership with Van Mildert, an exceptional fashion business in my view, offers a strong platform from which to build both businesses.”
As part of the Van Mildert partnership, the team there will run buying for Cruise.
Sir Tom is now undertaking a strategic review of the Cruise business in order to firm up a growth plan.
Van Mildert director Eric Williams said: “It is flattering to have caught the attention of Sir Tom and his team and I am sure that this collaboration will inevitably lead to exciting new ideas about how we continue to take both brands forward.”