Fashion chain Next has agreed a multi-million takeover of ailing lingerie brand Victoria's Secret.
The company, which has 24 stores in the UK, called in Deloitte for a "light touch" administration in June, after being hit by the closure of outlets during the pandemic.
The move put 800 jobs and all stores at risk, although shops have continued to trade throughout the administration.
Next has now agreed to buy a majority 51% stake in the company's UK business, with L Brands - the parent company of Victoria’s Secret - remaining in control of the final 49%.
The move will save 500 jobs, as well as the UK Victoria's Secret website, however 300 roles are understood to still be at risk.
Under the deal, which is subject to regulatory approval, Next will next year get full control of its digital business.
Martin Waters, chief executive of L Brands international, said: "We are pleased to take this next step in our profit improvement plan for Victoria’s Secret.
"Next’s capabilities and experience in the UK market are substantial, and our partnership will provide meaningful growth opportunities for the business."
Lord Simon Wolfson, chief executive of Next PLC, added: "Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret brand in the UK and Ireland both in stores and online."
Rob Harding, administrator at Deloitte, said: "This is an ideal way to secure the future of more than 500 employees in the UK.
"We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper."
