ADMINISTRATORS are close to selling Life & Style Retail - the successor of doomed Merseyside store chain Ethel Austin.

But owner Elaine McPherson, business partner Suresh Ruia, and the Bank of Baroda – who are all owed money – have to agree to the sale.

RSM Tennon, which is handling the administration, said it had received 175 expressions of interests from firms interested in buying Life & Style or its stock.

“At present, an offer has been received by the administrators which has been accepted subject to contract and consent from the debenture holders,” and administrators report states.

“Contract negotiations are at an advanced stage and it is hoped that consent from all debenture holders will be forthcoming.”

McPherson took over the Knowsley-based firm a month before it went into administration for the first time in April 2008.

She then bought Ethels and sister company Au Natural the following month, only for them to fail within a year.

Ms McPherson then took on only the profitable parts, renaming them Life & Style Retail Ltd. It fell back into the hands of the administrators this summer.

In June the Usdaw union said it was horrified at rumours that Ms McPherson was preparing  yet another bid to resurrect the business.