Over 260 jobs saved as pre-pack deal rescues shoe retailer
Over 260 jobs have been saved at a Coventry-headquartered shoe and podiatry retailer after the firm was sold in a pre-pack deal.
Shuropody Retail called in joint administrators Gareth Harris and Lee Lockwood of RSM UK Restructuring Advisory on Wednesday (December 7). The firm was immediately sold to a subsidiary of Baaj Capital.
The deal has saved over 260 jobs and all of the company’s 39 stores across the UK remain open and are continuing to trade under new ownership.
Harris said: ‘Securing this pre-pack sale will ensure customers who have bought treatment plans will have continuity of service and safeguard the jobs of the vast majority of the Shuropody team. It is unfortunate that Shuropody has had to go through an administration process, but the legacy of the last couple of Covid years is still proving challenging to navigate for many businesses, including this one. Given the current economic climate the high street is seeing many retailers struggle so it is particularly pleasing to help save this business, and ensure employees will be paid as we run into the Christmas period’.
The joint administrators were advised by Matthew Brown, Liz Russell and Niall Crossley of Gateley Legal.