Investment firm takes over Leicestershire shoe firm saving over 1,300 jobs
Administrators acting for stricken Leicestershire footwear firm Brantano have sold the majority of the company to Alteri Investors.
Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed joint administrators of Brantano (UK) Limited on 21st January 2016.
The majority of the business has been sold to a company controlled by Alteri Investors, saving 1,372 jobs and 140 stores and concessions.
Some 58 stores and concessions have not been included in the Alteri acquisition and the administrators continue to trade these 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.”
Tony Barrell, lead administrator 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 deal is Alteri’s first in the UK.
