AROUND 600 jobs are still at risk despite almost 1,400 roles being saved following a PwC-led administration sale of discount shoe retailer Brantano.
The same private equity firm that bought the company just three months ago – Alteri Investors – has bought the company out of administration to safeguard some 1372 jobs and keep 140 stores and concessions open.
But some 58 outlets have yet to find a buyer, putting around 600 jobs at risk.
Robert Moran, deals partner at PwC, who led the sales process, said: “From discussions held over the last few weeks, there was interest from a number of parties, both trade and private equity, for the Brantano business. Of this interest, the offer from Alteri represents the best outcome for creditors and employees.”
PwC’s Tony Barrell, Mike Jervis and Rob Hunt were appointed joint administrators of Brantano (UK) Limited on 21 January 2016 and continued to trade the business while seeking out interested parties.
Lead administrator, Tony Barrell, said: “We continue to trade the remaining Brantano business whilst discussions with interested parties continue. Unfortunately, in the event further sales are not possible, redundancies will become inevitable. We are working closely with Brantano employees and offering every support possible through this difficult period.”
The Leicestershire-based firm was bought by Alteri Investors in October.
However, “difficult trading conditions” led to it going into administration “despite sustained efforts to make the business more commercially viable”.
Poor Christmas trading is believed to have played a significant role in the retailer’s demise while the bricks and mortar estate was hit by the nation’s growing habit for online shopping.
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February
Fraser Nicol joins the firm from EY, bringing experience in cyber security, data analytics and business technology
Rowan Williams will be responsible for growing the firm’s presence in the Gatwick Diamond and across the south east
Kevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command