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Elaine McPherson has rescued more than 2,500 jobs at Merseyside retailer Ethel Austin.

The former boss of discount clothing retailer MK One bought the company from administrator Menzies Corporate Restructuring for an undisclosed sum.

While McPherson has no immediate plans to revise the brand, she is reported to have spoken of a “makeover” in an effort to revamp the discount fashion chain’s image.

Founded in 1934, Ethel Austin was put into administration on 15 April after losing out on business to rival budget chains like Primark and Matalan, and representing one of the latest casualties of poor high street trading conditions.

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