A NEWLY-formed Bolton retail business, Sharpnet, has bought women's fashion retailer Elvi.

The deal has saved over 140 jobs but 200 posts have gone since Elvi was placed in administration in February.

Manchester-based joint administrators Jason Elliott and Gary Bell, of Cowgill Holloway, said the sale should ensure a long-term future for Elvi.

The chain has just 30 UK stores or concessions - including one in Wilmslow - compared with over 70 when it went into administration.

Mr Elliott said: "We are pleased to have achieved a sale in such a tough economic climate. The business has traded successfully under the administrators' guidance for the last four months."