Sports Direct owner, Mike Ashley, has picked up the pieces at distressed Leeds-based retail chain Republic.

Administrator Ernst & Young has confirmed that Sportsdirect.com Retail Ltd has bought the retail chain out of administration for an undisclosed sum, saving an estimated 114 high street shops.

E&Y was appointed on 13 February as administrator and was confident that it would find a buyer for the group.

Joint administrator and E&Y partner Hunter Kelly said: 'In what has been a very challenging time and volatile climate for retailers, it is particularly pleasing to have completed the successful sale of Republic (Retail) Limited, saving 2,100 jobs across the UK high street and at its Leeds-based headquarters.

'The brand Republic is well recognised and well respected by customers for offering quality, high fashion goods and it is a testament to its strength that Sports Direct has made this investment to secure its future and high street presence,' he added.

Republic suffered poor trading results in the autumn, and while sales picked up in December there has been a sudden and rapid decline in sales in late January. The impact on cashflows has resulted in the business being unable to continue to operate outside of an insolvency process.

The company focuses on the youth fashion market and is owned by private equity firm TPG, run by former Marks & Spencer executives, Luc Vandevelde and Roger Holmes. It also produces its own brand labels, including Jack Jones and SoulCal.

TPG bought the company in 2010 from the original founders in a deal thought to be worth about £300m and it expanded quickly since then. Recently TPG has been forced to pump in more cash to keep the chain afloat, including a £20m cash injection in November 2012. At the time, TPG said it wanted to at least double the number of Republic stores in the UK and Ireland to more than 200.

For breaking news to your inbox, sign up to receive the Accountancy Live e-newsletter, HERE