A number of jobs have been saved at a Spalding shoe shop after a buyer’s offer to take it over was accepted.
Brantano in Holland Market was one of about 200 stores and outlets whose future looked uncertain after the business went into administration last month.
There was interest in the Brantano business from a number of parties, but the offer from Alteri represents the best outcome for creditors and employeesRobert Moran of Price Waterhouse Coopers
But accountants Price Waterhouse Coopers (PwC), in charge of the administration, announced on Wednesday that Spalding was one of 140 stores and outlets to have been bought by London-based retail group Alteri Investors.
Robert Moran of PwC said: “From discussions held over the last few weeks, there was interest in the Brantano business from a number of parties, both trade and private equity.
“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 and we thank the Brantano team for working closely and collaboratively with us throughout what has been a difficult period for the business.”
At its height, Brantano claimed to be the largest “out of town” footwear retailer in the UK, with more than 150 stores which emplyed just over 2,000 people.
The deal between PwC and Alteri also covers Brantano’s smaller outlet at Baytree Nurseries and Garden Centre, but not nearly 60 other stores and outlets which continue to trade while administrators look for other buyers.
Tony Barrell, one of PwC’s administrators for Brantano, said: “We are working closely with Brantano employees and offering every support possible through this difficult period
“Unfortunately, in the event further sales are not possible, redundancies will become inevitable.”
2,000 jobs at risk as shoe retailer Brantano goes into administration