24 January 2012 Last updated at 04:59 ET

Hawkin's Bazaar toy chain sold to management

The chain had struggled in the face of the UK's economic slowdown

Toy and novelty gift chain Hawkin's Bazaar has been sold in a management buy-out, a month after falling into administration.

The owner of the chain, Tobar Group, had employed 380 staff across a network of 65 stores.

However, administrators Zolfo Cooper closed 57 of the stores, making about 300 staff redundant.

The remaining eight stores will stay open and trading under the Hawkin's Bazaar name.

Zolfo Cooper confirmed it had sold the remaining stores plus all the stock, trading names and the wholesale and online businesses to the existing management, supported by private equity group Primary Capital.

Peter Saville, partner at Zolfo Cooper said: "We are extremely pleased to have secured the sale of the Group which puts it on a firm footing for the future.

"We wish the group and its owners all the best for the future."