UK private investor Endless LLP acquires the high street retailer, saving 840 jobs
UK private investor Endless LLP has acquired the high street retailer Jones Bootmaker in a deal completed on 24 March.
Following the appointment of Will Wright, Steve Absolom and Blair Nimmo of KPMG as joint administrators of A Jones and Sons Limited, the business and assets of the company, including 72 stores, were sold to Endless. As a result, a total of 840 jobs have been saved.
A total of 25 “underperforming” stores and 6 concessions were not part of the sale and will close immediately, said KPMG, resulting in 262 job losses.
Partner at Endless Andrew Smith 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.”
KPMG partner Wright said: “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. This deal recognises the value of Jones as a strong and popular high street brand with a loyal customer base.”
KPMG’s Absolom added: “Whilst it is always pleasing to preserve a significant number of jobs, sadly a number of redundancies are to be made at the closed stores. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim monies owed from the Redundancy Payments Office.”
Endless LLP’s recent investments have included The Works stores, Bathstore.com and the West Cornwall Pasty Company.