Top 10 stories of 2022: Number 4 – Footwear firm collapses into administration

Over the past week, we’ve been looking back over 2022 to rediscover our top 10 most popular stories of the year.

Number 4 in our countdown is another tale of woe.

In early Spring, footwear firm Steptronic was forced to call in administrators after shipping and supplier delays and a legacy balance sheet debt left the company unable to meet its liabilities.

Jimmy Saunders and Michael Lennon of Kroll Advisory were appointed to handle the firm’s affairs on 9 March.

The business, based in Rushden, Northamptonshire, supplied over 3,000 high street and online outlets prior to its collapse.

Accounts made up to the end of 2020 showed the firm had made a profit of just over £51,000 that year, and it has since emerged that £967,680 was owed to creditors when the administrators were appointed.

“The retail sector has faced a number of well publicised challenges”, said Saunders.

“Any prospective buyers for the business are encouraged to come forward as soon as possible.”

Saunders and Lennon proceeded to market the business and its assets for sale. In an update filed with Companies House in October, the pair confirmed they had sold certain assets of the company for a combined total of £140,000.

The firm remains in administration.