John Whitfield and Philip Duffy, partners at Duff & Phelps and joint administrators of Dwell Retail Ltd, have sold the company to its original founder in a deal that will save 150 jobs.

Dwell founder Aamir Ahmad has stepped back into the business. He founded the furniture and homewares chain with family and friends in 2003 but stood down nine years later.

As a result of Ahmad's purchase of the business and assets, a number of Dwell's outlets will reopen today, 4 July, including Tottenham Court Road and the two Westfield sites in London, the Lakeside site and Barton Square in Manchester.

John Whitfield, Duff & Phelps partner and joint administrator, said: 'We are delighted to have been able to conclude an agreement that results in not only the continuation of the brand, but saves many of the employees' roles as well as securing the best outcome for suppliers. The new management will now be in the position to work with customers to try and identify the best solution for everyone concerned.'

Dwell ceased trading with immediate effect on 20 June 2013, following the decision of its management to close all 23 stores and its one concession in the House of Fraser. It formally went into administration on 25 June 2013 and no orders have been dispatched from that date.