Mon, 06 Jan 2014 | ADMINISTRATION
A new company has purchased the Barratts brand and its ecommerce business out of administration for £360,000.
Administrators from Duff & Phelps came in to manage the affairs of Barratts after a cash flow crisis and hefty losses in November 2013. It was its third failure in four years. Barratts had 75 stores and 23 concessions at the time of entering administration this time round. Established 110 years ago, it sold shoes from 400 shops at its peak.
Pavers Shoes swept in to purchase 14 stores in an 11th hour rescue bid, saving 150 jobs on 23rd December. It has the right to trade its newly acquired stores under the Barratts brand for the next six months, after which the well-known name is expected to disappear from the high street altogether.
It has been announced today (6 January) by Insider Media that a new company called W Barratt & Co, created by footwear entrepreneur Harvey Jacobson and previous Barratts' buying and merchandising director Simon Robson, will pay £360,000 for the Barratts brand and online trading business.
Despite these deals to save the business, Barratts’ creditors will still be short by more than £14 million. Trade and expense creditors are owed £6 million, loan note holders £9 million, and £850,000 to HMRC.
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Related information:
Pavers makes a last minute bid to rescue Barratts
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