THE successor of doomed Merseyside store chain Ethel Austin must be sold to someone that can run it “effectively and for the long term”, unions demanded last night.

Yesterday it was revealed administrators are close to selling Life & Style Retail – the successor of Ethel Austin – as a going concern.

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

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

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

It is understood a deal could take place within a matter of days.

In June the union Usdaw said it was horrified at rumours Ms McPherson was preparing another bid for the company.

Last night John Gorle, Usdaw national officer, said: “We are increasingly optimistic that Life & Style will be sold as a going concern, but our position remains the same in that we want any buyer to be someone who can run the business effectively and provide a long term sustainable future for its employees.”

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, which has 11 shops across Merseyside.

It fell back into the hands of the administrators in June.

In April, when Life & Style, was having problems trading Ms McPherson registered a new company called Life & Style Retail 2 at Companies House.