The joint administrators of Dolcis – Brian Green, Allan Graham and Howard Smith of KPMG’s restructuring practice – has completed the sale of the Dolcis brand and its retail stock together with a number of retail stores to Stylo Barratt Shoes Limited for an undisclosed sum.
Stylo Barratt Shoes is owned by AIM-listed, Yorkshire-based Stylo plc which owns the Barratts and PriceLess High Street shoe retail brands. As a result of the sale and other arrangements Stylo Barratt Shoes has made with third parties, about 300 Dolcis employees will be given employment at Stylo Barratt Shoes.
‘We are very pleased to have achieved this transfer of assets of the Dolcis business and to have generated a return for creditors,’ Green said.
‘The sale to Stylo represents an excellent result, particularly given the difficult market conditions in which we have been negotiating a deal. The retail sector is currently under pressure but the Dolcis stores represent a good investment for Stylo, offering opportunities to increase the High Street presence of the Barratts and PriceLess brands.’
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