Young fashion chain Select has secured a £13 million emergency funding package from an unnamed foreign investor.

Select managing director Nigel Fisher said the rescue will not result in any job losses or store closures and that Select was in the process of paying its suppliers and landlords.

Fisher said that it was business as usual for the company, which has more than 250 stores nationwide.

“It is now steady as we go,” he said. “We are delighted to have been saved. We have great prospects.”

Fisher will remain as managing director of Select, while directors John Sunderland and Stephen Sugarman have left the business.

Select’s woes began last year when it over-leveraged on summer product and ran into trouble with its merchandise and distribution in the run-up to Christmas. A potential backer, which had been courted by the retailer since autumn, pulled out on Christmas Eve.

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