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Penny Plain, the chain of ten clothing stores with 130 staff, has been bought out of administration by a group of Tyneside-based businessmen.
Penny Plain is to expand its chain of 11 womenswear stores by opening a new outlet in Leamington Spa this month, and is now seeking additional sites in the Birmingham area.
Penny Plain, the operator of seven fashion stores, has undergone a management buy-out, and plans to expand to 40 outlets nationwide within five years.
Penny Plain is planning a £2m investment in the expansion of its chain of seven fashion stores to 20 over the next three years.
Penny Plain is to open a further four fashion stores in 2004, and is also expanding its mail-order and online retailing operations.