Nicole Farhi saved from administration by Matalan heiress Maxine Hargreaves-Adams

Maxine Hargreaves-Adams, the daughter of the Matalan tycoon John Hargreaves, has saved upmarket fashion brand Nicole Farhi from administration.

Hargreaves-Adams has snapped up six stores, nine concessions in the UK and Ireland and the wholesale and ecommerce arms of the business for an undisclosed sum. Over 140 jobs in the UK have been saved in the process.

A spokeswoman said Hargreaves-Adams was “very much interested in backing British brands and sees potential in Nicole Farhi”.

The retailer’s joint administrators Zolfo Cooper said that the retailer attracted 50 parties and 10 serious bidders.

Peter Saville, a partner at Zolfo Cooper, said: “The reason we had so much interest was the perception that it is a high-end brand and it is difficult to build that. The challenge is you have to have the range to match it.”