Value retailer Instore has bought 33 of the stores that trade as Ponden Mill, the homewares retailer that went into administration last week.
Instore, which operates the Poundstretcher chain of discount stores, has paid administrator Ernst & Young£3.8 million for the stores, plus stock and the licence to use the Coloroll brand which was owned by Ponden Mill.
The shops acquired by Instore had a total turnover of£21.8 million for the year to December 2006.
Ponden Mill became one of the first casualties of the challenging retail environment just a month after the 250 store chain was bought by Hilco and hedge fund Agilo for£6 million.
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