58 stores available in Brantano administration sale

Wed, 17 Feb 2016 | BUSINESS SALE

There are 58 stores available to buy as part of a PwC-led administration of discount shoe retailer Brantano and its sister company Jones Bootmakers.

PwC recently saved 1,372 positions when it sold 140 Brantano stores to Alteri Investors. However, 58 Brantano stores across the UK were not included in the deal and PwC are still seeking a buyer. Furthermore, PwC recently warned that jobs would have to go if no buyer is found for the other stores.

Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed as administrators for the sale of Brantano on 21 January 2016, and they have continued to run the business as usual while they sought prospective buyers for the discount shoe chain.

Lead administrator, Tony Barrell, said: "We continue to trade the remaining Brantano business whilst discussions with interested parties continue. Unfortunately, in the event further sales are not possible, redundancies will become inevitable. We are working closely with Brantano employees and offering every support possible through this difficult period."

Gavin George, chief executive of Alteri Investors, said: “Following the acquisition of Jones and Brantano in October last year, and a subsequent review of Brantano, it was clear that the business required fundamental restructuring.

“Every action possible was taken to restructure the business on a solvent basis including extensive renegotiations with landlords.

"Unfortunately the landlords were unable to revise their terms to a viable level, and with the additional complexity brought on by the insolvency of previous parent company Macintosh Retail Group, administration was the only route available.

"The restructured business is well placed for future development as an out of town, family footwear specialist and both Jones and Brantano are now able to move forward on a solid financial and strategic footing.”

Brantano’s headoffice in Bardon near Coalville, Leicestershire, was rescued in the deal with Alteri Investors, which saved around 200 jobs.


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