As the fall-out over the credit crunch continues, UK retail fashion chain has bought young women's fashion brand Lipsy, paying an initial £14m for Lipsy’s share capital and repaying £3.4m of loan notes. Further undisclosed amounts are said to be payable in 2012, 2013 and 2014, dependent on the post-tax profit performance of the company for each of those years. Lipsy's turnover was about £20m in the year to June 2008.