Fri, 23 Apr 2010 | ADMINISTRATION
Footwear retailer Faith has entered administration after the directors came to realise that a "solvent sale was not possible".
The business had been on the market for several weeks before Mazars were drafted in to act as administrators, and after distressed investor Hilco took over the firm's £14 million of debt.
Heath Sinclair at Mazars said: "We are liaising with interested parties in an attempt to facilitate a going concern sale. We will be working closely with the businesses' stakeholders in an effort to preserve a well-known retail brand."
Faith sells fashion footwear for women from a chain of 78 shops, as well as 120 concessions in Debenhams and Topshop, among others. It has 1,382 full-time and 362 part-time employees.
Endless and Epic are two of the many private equity firms interested in backing a management buyout, while retailers Sports Direct and JD Sports Fashion are also, allegedly, considering a deal.
It was reported that earlier on this week suppliers had gathered outside Faith's Acton headquarters in West London in an effort to retrieve stock.
John Kinnard, acting as the head of a management team, previously bought Faith out of administration in 2008. He also owned Dolcis, which went into administration in the same year.
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