A buyer has been found for the Past Times chain of historical gift shops, saving 720 jobs, including 100 at its Witney headquarters.

The company, with 74 shops across the UK, including one in Turl Street, Oxford, has been bought by a group of "experienced retailers" for an undisclosed sum.

Administrators were brought in after the firm ran into financial difficulties last month.

The new owners, who include the retail investor, the Accelerator Group, intend to keep all the shops open and maintain the mail order business for the foreseeable future.

Robin Klein, chairman of the Accelerator Group, who will also chair Past Times, was previously involved with brands such as Innovations and Hawks- head. He said: "Past Times is a multi-channel retail business of significant scale, trading through more than 70 shops, distributing 20 million catalogues per year and has annual e-commerce revenues exceeding £1.5m.

"We believe the experience and resources that our group brings to Past Times will help it grow and allow the group to incorporate other developing brands."

Tony Hyams, of joint administrators Berley Chartered Accountants, said they were delighted they had been able to conclude the sale so quickly.

Founded in 1986 by Oxford businessman John Beale, Past Times is based at Windrush Park, Witney, and has a distribution centre in Cumbria.

David Sprecher, of Sprecher Grier Halberstam solicitors, said: "Deals like this show that the retail market is constantly evolving and talk of a downturn in this sector is not necessarily borne out."