Baring Private Equity Asia has agreed to acquire parts of troubled UK retailer Cath Kidston as part of a rescue deal that will see the company close its 60 stores.

The move follows earlier failed efforts to find a buyer. It also previously appointed restructuring specialist Alvarez & Marsal to explore all options to secure “a viable future” for the business, which employs 940 people in the UK, 820 of whom were furloughed on March 22.