ADMINISTRATORS have been called to shoe retailer Barratts for the third time in four years after an investor withdrew financing for the business.
Philip Duffy and David Whitehouse (pictured), both partners at Duff & Phelps, were appointed joint administrators to the business which has 75 stores, 23 concessions and a workforce of about 1,035.
Duff & Phelps’ Philip Duffy said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business. The company had recently received an offer from an investor to inject £5m into the company but that offer was withdrawn on the evening of the 7 November.
“In view of the financial position of the company and withdrawal of that equity offer the directors were left with no choice but to appoint administrators.”
The administrators said that although they are seeking to sell the business as a going concern, store closures or redundancies could not be ruled out.
Barratts first entered administration in 2009 with Deloitte partners, Neville Kahn, Lee Manning, and Daniel Butters appointed joint administrators.
Deloitte’s Kahn, Butters and Adrian Berry were called in as administrators again in December 2011.
At the time of the 2011 administration it had about 3,840 staff, 191 stores and 371 concessions which traded as either Barratts or Priceless Shoes.
The administrators sold the company to its existing management in 2012.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK