It has been revealed that administrators for fashion retailer Austin Reed, which went under in April, are likely to slice up the estate rather than sell it in its entirety.

Sister brands CC and Viyella are expected to be sold off separately to the Austin Reed name which is largely expected to survive. At present, it seems as though the large majority of the 1,200 employees threatened by the company’s collapse will keep their jobs.

It has been reported that parties interested in purchasing the Austin Reed estate include Dragon’s Den star Touker Suleyman and Mike Ashley, owner of Sports Direct.