MALVERN’s Brantano shoe store has been saved from closure after most of the retail chain was purchased out of administration.
Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed joint administrators of Brantano (UK) Limited in January.
Following their appointment, the administrators continued to trade the business whilst undertaking a sales process amongst interested parties.
And it has been announced this evening (Monday) the majority of the business has been sold to a company controlled by Alteri Investors, preserving 1,372 jobs and 140 stores and concessions.
Malvern’s store in the town’s retail park is among the list of those to be involved with the transaction.
58 other UK Brantano stores and concessions have not been included in the Alteri acquisition but a statement says administrators will continue to trade the stores whilst dialogue continues with interested parties.
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. We are delighted that 1,372 jobs have been preserved through the transaction and thank the Brantano team for working closely and collaboratively with us throughout what has been a difficult period for the business.”
Mr Barrell, lead administrator added: “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.”
