AN HISTORIC Bradford-based men’s retailer which went into administration in early September has been saved from closure.

And news of Greenwood’s survival has been coupled with an announcement that it is planning changes to include contemporary clothing and broaden its appeal to a wider clientele.

The announcement the chain, founded in 1860, was in trouble was made last month and revealed that Adrian Berry and Claire Boardman, of Deloitte LLP, was working as administrators for Greenwoods Menswear Ltd.

The company, with a £20 million turnover, was sold to Versatile International Trading limited on October 20.

The sale will see 40 retail stores and 181 jobs saved.

The central warehouse and head office functions, in Bradford, will also be transferred to the buyer.

Of the stores saved, one is in Kirkgate, Bradford, and the other in Keighley.

The remaining 22 stores will close immediately with 88 redundancies.

Mr Berry said: “This sale represents the best outcome for the business which has been trading in administration for over six weeks.

“A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support during this difficult period.”

Kenny Singh, head of Human Resources for Greenwoods Menswear Limited said: “The news is extremely good for the company.

“Investment from Versatile Investment Trading will see Greenwoods broaden its appeal to include a contemporary look while still holding on to its core customer.

“Greenwoods is very much part of Bradford’s history and Versatile Investment Trading is keen to keep hold of its history.

“The changes should be seen within a few weeks.”

Bradford Chamber of Trade executive member Mary Frame said they were thrilled with the news. She said: “It is wonderful news and so positive for Bradford district.”