Mon, 27 Mar 2017 | BUSINESS SALE
Historic British shoe retailer Jones Bootmaker has been acquired for £11 million by private equity house Endless in a deal that saves 840 jobs and keeps 72 stores and its head office open.
Jones was sold by Alteri Investors in a pre-pack administration deal, where a buyer for a struggling company is lined up shortly before it enters administration, allowing for a quick sale.
But around 262 jobs will be lost and 25 “underperforming” stores and six concessions will close.
Jones, originally established in 1857, sells shoes for men and women under its own brand name and stocks a range of other well-known brands.
"We are delighted that we have been able to rescue such an iconic UK footwear brand as Jones Bootmaker, including a high proportion of stores and preserving a large number of jobs, especially given the current economic pressures faced by retailers across the UK," said Will Wright, partner at KPMG, which managed the sale.
"This deal recognises the value of Jones as a strong and popular high street brand with a loyal customer base."
Endless has some experience in the footwear industry having formerly owned Peter Black International, a large footwear distributor.
The firm’s Andrew Smith, who led the acquisition, said: "Jones is a well-known and loved brand on the UK high street.
“We recognise that there is a lot of work to be done to transform the company to secure long-term stability for the business and its employees but we are delighted to be working with the team and can see the opportunities for an exciting future.”
Jones has avoided the fate of shoe chain Brantano, which formally went into administration last week. That firm was also owned by Alteri Investors.
Find retail businesses for sale.
Opportunity to acquire a well-established builders merchants located in South Wales, offering a robust reputation and a strong customer base.
An exciting opportunity has arisen to acquire a group of established cafes and bars situated in prime locations across three vibrant areas of Bristol.
LEASEHOLD
An exclusive chance to acquire a network of 17 well-established convenience and off-licence stores located in the North of England.
26
|
Jun
|
Building maintenance and repair firm targeting expansion after acquisition | DIVISION SALE
A North Yorkshire-based company that provides maintenance an...
26
|
Jun
|
Fairstone adds 100th firm to Downstream Buy-Out model | BUSINESS SALE
Wealth management firm Fairstone has added the 100th firm to...
26
|
Jun
|
Offers around £5m sought as luxury holiday lodges brought to market | COMMERCIAL PROPERTY
More than 30 luxury holiday lodges at Belton Woods Hotel, Sp...
11
|
Feb
|
PE group Endless sells Karnova Food Group to US outfit OSI | BUSINESS SALE
Private equity group Endless has sold Karnova Food Group to ...
28
|
Nov
|
PE-backed Carton Pack wraps up Clifton Packaging deal | BUSINESS SALE
Leicester-based food packaging firm Clifton Packaging has be...
14
|
Nov
|
Timber groups merge to carve out new acquisitions | MERGER
Two timber groups have joined together to form a £80 m...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.