Woolworths, the high street chain that closed down last month when it failed to find a buyer after going into administration with over £300 million debt, is to be re-born in the UK.

Woolworths will re-launch as an online-only store after the brand has been bought by a company called Shop Direct, that runs the Littlewoods Direct and Additions Direct chains.

Due to go live by the summer, the site will offer Ladybird children's clothing - a Woollies sub brand also bought by Shop Direct.

Chief executive Mark Newton-Jones of Shop Direct said the new online presence would mean Woolworths would be able to "stay at the heart of British retailing".

"Woolworths is a much-loved brand that engenders huge affection among British consumers and is an important part of the country's retail heritage".