Marks & Spencer has bought upmarket fashion brand Jaeger out of administration, saving it from collapse.

However, M&S is expected to only buy Jaeger’s intellectual property, allowing it to sell Jaeger-branded goods on its website as a third-party brand.

The deal means no store staff from Jaeger are expected to keep their jobs and all physical sites – closed due to lockdown restrictions – are expected to stay shut permanently.

M&S did not disclose the amount paid but it is understood to be around £5 million.