Poundstretcher buys UGO in a pre-pack deal

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The failed UGO discount store group has been sold to Poundstretcher in a pre-pack administration deal. The sale has saved 245 jobs at the 20-store chain.

Administrators from The P&A Partnership sold UGO immediately following their appointment yesterday.  

All of UGO's staff at its stores across the North of England and East Midlands have transferred to the new business.

Gareth Rusling joint administrator said: "This was a particularly complex deal and we focused in our negotiations on transferring over the employees. We are pleased that we have been able to rescue the business and save so many jobs, particularly given the tough economic climate for the retail sector. Poundstretcher is a strong brand with a growing High Street presence."

Ugo launched in a blaze of publicity in January 2011 after owner the  Haldane Retail Group acquired 20 stores that Asda was forced to sell as part of its £778 million acquisition of Netto.

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