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 The company had recently received an offer from an investor to inject £5m into the company but that offer was withdrawn on the evening of the 7 November.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.
Insolvency and business recovery firm Gibson Hewitt has recruited a new manager from one of the UK’s top four accountancy practices
The director of a company set up to market a fuel-saving device has been disqualified for failing to maintain and preserve proper records
Cowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following appointment as administrators
PwC must face $1bn lawsuit over claims it provided bad accounting advice which contributed to the 2011 collapse of MF Global