Life & Style clothing chain in need of more cash

Restructuring experts have been circling value clothing chain Life & Style, which is thought to be in need of a cash injection. The 90-shop retailer is run by Elaine McPherson, who set it up after buying the stores out of the administration of Merseyside company Ethel Austin.

McPherson, who would not take calls on Friday, has bought out Ethel Austin from administration twice – in May 2008 and March 2010 – and the second time renamed the business.