BusinessBusiness RecoveryFTI secures 2,000 Faith jobs in pre-pack sale

FTI secures 2,000 Faith jobs in pre-pack sale

Faith Shoes sold in pre-pack deal by FTI

FTI Consulting has sold on Faith Shoes on the same day the retailer went into
administration.

In what is known as a pre-pack deal, FTI Consulting’s Simon Granger and Chad
Griffin were appointed joint administrators of Faith Shoes, then immediately
completed a sale of the business to retail entrepreneur John Kinnaird and
investment fund Agilo.

The deal secures over 2,000 jobs and allows the business to continue to
operate.

‘Having assessed all options available to the business and given the
financial challenges faced by the group, this transaction represents the best
possible outcome for all stakeholders in the circumstances,’ said David Morris,
senior managing director of FTI Consulting.

Faith will be combined with men’s clothing firm Envy, owned by Kinnaird, and
teenage fashion business Chilli Pepper, owned by Agilo.

Further reading:

Tenon’s recovery team underpins 34%
profit growth

FTI appoints Granger as its fourth
UK senior MD

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