Tue, 15 Mar 2022 | ADMINISTRATION
Footwear firm Steptronic Footwear Limited has collapsed into administration, with a buyer now being sought for the business and its assets. The company is based in Rushden, Northamptonshire and owns the Steptronic brand.
Steptronic Footwear has more than 3,000 high street and online outlets among its customers, selling its footwear internationally across both the wholesale and retail markets. Furthermore, the company also sells its range directly to the public through its own fully-integrated website.
With an international customer base, Steptronic has become well-known for its use of premium leathers, sheepskin linings and rubber soles, with the company saying it “invest(s) heavily in design and innovation.”
Despite this, and the company’s strong online and e-commerce presence, it has now fallen into administration after being impacted by several factors affecting the wider retail sector. Jimmy Saunders and Michael Lennon of Kroll were appointed as joint administrators to the company.
Saunders commented: “The retail sector has faced a number of well publicised challenges and coupled with shipping and supplier delays and a legacy balance sheet debt, the company was unable to meet its liabilities.”
The joint administrators will now market Steptronic Footwear and its assets for sale, with Saunders saying: “Any prospective buyers for the business are encouraged to come forward as soon as possible.”
In its most recent filleted accounts for the year ending December 31 2020, Steptronic Footwear reported £947,872 in current assets, with net current assets standing at £647,427 and overall net assets of £201,225.
Several footwear brands have collapsed as a result of the impact of COVID-19 over the past two years, with the shift away from the office and towards flexible working having hit demand for formal footwear, along with the widespread cancellation of formal events during the initial waves of the pandemic.
Prominent footwear companies such as Office, Lloyd Shoe Company and Aldo UK have fallen into administration since the pandemic began.
View the latest distressed UK businesses here.
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