D2 bought back by its management team

The deal means that 44 of D2’s 76 stores will continue to trade, saving 500 jobs.

The management team, lead by managing director Alan Kinney and business partner Jim McGonigle , originally bought the business from Sir Tom Hunter almost exactly two year ago.

BDO was appointed as administrator on December 30.

Business restructuring partner for BDO James Stephen said: “We were encouraged with the numbers of offers of interest and are pleased to have found a speedy and satisfactory outcome. It is especially encouraging that a large number of jobs and stores have been saved.”

Kinney said: “This deal is the quickest and most viable way of securing d2 as a business, as well as several hundred jobs.”

“It is clear that the former business could not cope with its continuing trading problems, especially in the light of the ongoing economic downturn and its impact on the High Street. The new business will head firmly ‘back to basics’, concentrating on the youth market and above all on keeping our costs low. Our stores will be cleaner looking and will carry less stock than in the past – but the stock will be what people want, right now,” he said.