Private equity investor saves 800 jobs with Jones takeover

Private equity investor Endless has acquired Jones the Bootmaker, in a deal which has saved 840 jobs.

25 underperforming stores and six concessions are not part of the sale and will close immediately. These closures will result in approximately 262 job losses.

The closures include stores at Birmingham Grand Central, Merry Hill and Sutton Coldfield.

Endless was in talks earlier this week to buy the distressed business from private equity firm Alteri, after it entered administration on Friday.

Will Wright, Steve Absolom and Blair Nimmo of KPMG LLP were appointed joint administrators of A Jones & Sons Limited on 24 March.

Garry Wilson, executive chairman at Endless, said: “The proposed deal collapsed on Thursday morning but all parties continued talking and worked hard to rescue this iconic British High Street name. Completion finally took place on Saturday lunchtime with over 800 people now in safe, secure employment.”

The 160 year-old company has 72 stores as well as a head office in Leicestershire.

Jones was originally established in 1857 and sells shoes for men and women under its own brand name and also a range of well-known high end brands.

Endless has invested in The Works Stores, Bathstore.com and The West Cornwall Pasty Company before and formerly owned Peter Black International which was one of the UK’s largest footwear distributors.

Andrew Smith, partner, led the investment for Endless.  Mr Smith said: “Jones is a well-known and loved brand on the UK High Street.  We recognise that there is a lot of work to be done to transform the Company to secure long-term stability for the business and its employees but we are delighted to be working with the team and can see the opportunities for an exciting future.”

Will Wright, partner at KPMG and joint administrator, commented: “We are delighted that we have been able to rescue such an iconic UK footwear brand as Jones Bootmaker, including a high proportion of stores and preserving a large number of jobs, especially given the current economic pressures faced by retailers across the UK. This deal recognises the value of Jones as a strong and popular high street brand with a loyal customer base.”

Andrew Smith was assisted by Michael Rice, Indra Harrison, Stefan Nowakowski and Paul Denvers.

Sister firm Brantano, which was bought alongside Jones in a £12m deal in 2015, was placed into administration by Alteri last week.

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