Administrators appointed at Stylo

SHOE group Stylo has been formally placed in administration following the rejection of a rescue plan by its creditors.

Neville Kahn, Dan Butters and Lee Manning of Deloitte have been appointed administrators of the Bradford-based company, which is the parent of high street shoe chains Barratts and PriceLess.

The move means a bleak future for the Bradford group’s 5,450 employees with many of its 500 shops set to be closed.

It has been reported that Stylo chairman Michael Ziff, whose family own 65% of the company, is working on plans to buy back 200 stores.

The struggling company had put forward an innovative Company Voluntary Arrangement (CVA) to its creditors as an alternative to a pre-pack administration when PriceLess and Barratts fell into administration on January 26.

Under the scheme, run by administrators Deloitte, landlords and creditors were asked to renegotiate debts so the company could stay afloat. However that move was rejected by creditors and landlords.

Deloitte is now attempting to sell Stylo as a going concern.