KPMG completes Dolcis sale to Stylo
Administrators KPMG completes sale of Dolcis to Stylo Barratt Shoes for an undisclosed sum
The joint administrators of Dolcis – Brian Green, Allan Graham and Howard
Smith of
KPMG’s
restructuring practice – has completed the sale of the Dolcis brand and its
retail stock together with a number of retail stores to Stylo Barratt Shoes
Limited for an undisclosed sum.
Stylo Barratt Shoes is owned by AIM-listed, Yorkshire-based
Stylo plc which owns the
Barratts and PriceLess High Street shoe retail brands. As a result of the sale
and other arrangements Stylo Barratt Shoes has made with third parties, about
300 Dolcis employees will be given employment at Stylo Barratt Shoes.
‘We are very pleased to have achieved this transfer of assets of the Dolcis
business and to have generated a return for creditors,’ Green said.
‘The sale to Stylo represents an excellent result, particularly given the
difficult market conditions in which we have been negotiating a deal. The retail
sector is currently under pressure but the Dolcis stores represent a good
investment for Stylo, offering opportunities to increase the High Street
presence of the Barratts and PriceLess brands.’
Further reading:
Dolcis paid backers £900,000 before bankruptcy
Dolcis goes into administration-who’s next?
