Veteran retailer John Casling may have cleared the way to continue operating his various ventures - including Buds, Beans and Books on Front Street.

The group of companies - under parent Daina Limited - went in to receivership earlier this month.

Ernst & Young, as the Receiver, yesterday confirmed that its client, the Bank of Butterfield had accepted the only bid made on the company's assets, which came from Mr. Casling himself. And that the assets had been purchased under another company name.

It is understood that Mr. Casling purchased back the assets of the company under the name of McCofski Limited.

Mr. Casling, in recent months - and after the closing of two of his businesses, Smugglers Cove and Smugglers Reef - cited Bermuda's declining tourist numbers as key factor in the failure of his company.

Speaking to the The Royal Gazette yesterday, Mr. Casling said his offer had been the only one received by Ernst & Young. And he cited the Bank's decision to accept the offer, as an alternative to liquidation, which he said would have meant; "business closure, loss of jobs, and no repayment to unsecured creditors".

Ernst & Young said the outcome was consistent with Mr. Casling's stated intentions, and that ultimately this may allow at least partial repayment to creditors, as opposed to "piece meal" liquidation, which would have left the Bank with a "shortfall" and no money for creditors.

"It is making the best of a difficult situation," David Reid, of Ernst & Young said. Daina Limited went in to receivership through financial woes which Mr. Reid said stemmed from an unmanageable debt load.

Mr. Casling told The Royal Gazette yesterday that his interest has been "full disclosure", and added that through the Receiver, a letter, written by himself, was distributed to the creditors of Daina Limited.

Mr. Casling said the letter; "outlined my intention to bid on the assets of the company, and contained a copy of its latest unaudited financial position."

Mr. Casling now hopes to make a debt repayment programme with creditors.

Mr. Casling called the legal action "similar to a Chapter 11" in the US, which would give him the opportunity to restructure, and carry on with the business. No details of the debt amount or creditors was made available.