A major chain is set to be bought in a rescue deal by a rival but more than 200 stores are expected to be shut and more than 1,000 jobs cut.

Flooring retailer Tapi has agreed to buy the Carpetright brand, 54 stores and two warehouses in the rescue deal which will also save more than 300 current jobs at Carpetright.

However, the deal will not save the majority of the business, including its head office in Purfleet in Essex.

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There are five Carpetright stores in the region including in Thetford, Dereham, Lowestoft and Norwich.

It is currently not known whether any of these stores will be affected by the buy-out. 

Carpetright filed a notice to appoint administrators earlier this month after struggling in the face of weaker demand and a major cyber attack in April.

The company employed 1,852 people and operated 272 stores across the UK before entering insolvency.

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Tapi was founded in 2015 by Lord Harris of Peckham, who also founded Carpetright. He sold all his stock in Carpetright in 2014.

Tapi has grown rapidly in recent years and runs about 175 shops across the UK.

Carpetright owner Nestware Holdings had been working with advisers from PwC to secure a rescue deal.

Nestware chief executive Kevin Barrett said: “Our focus over the last week has been to secure external investment to ensure job security for a number of our Carpetright colleagues up and down the country.

“While we succeeded in finding a buyer, the deal is limited to a select number of stores rather than the business as a whole and will sadly impact a large number of colleagues and staff.

“We have tried everything to turn Carpetright around and I’m truly sorry that we were unable to save more jobs.”