York retailer acquires four Brantano stores out of administration

York-based retailer Pavers has acquired four Brantano shoe stores from administrators PwC.

The four stores, in Lincoln, Bournemouth, Newton Abbot and Newport on the Isle of Wight have been acquired for an undisclosed sum.

Brantano, owned by private equity firm Alteri, struggled following Brexit and the drop in the value of the pound as well as experiencing difficult trading conditions.

Pavers had previously made a bid for the entire Brantano portfolio, but was unsuccessful.

Pavers, the global footwear retailer headquartered in York, has bought four Brantano Footwear shoe shops from administrators PwC for an undisclosed price.

Managing director Stuart Paver explained: “We have recently made it clear that Pavers is embarking on a period of carefully planned and focussed expansion.

“ The opportunity presented by Brantano Footwear going into administration fitted perfectly into our expansion plans, allowing us to move into areas of the UK where we are under-represented, whilst paying a sensible price.”

Tony Barrell, lead administrator at PwC, said: “Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market.

“Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.”

Last year, Jason Paver, grandson of founder Catherine Paver, joined the company as director of sales, having previously been an executive director with Goldman Sachs in London and New York.

He commented: “These are exciting times to be joining Pavers. We are planning to create a significant number of new jobs in York as we double the size of our headquarters. We currently employ almost 1,500 staff in the UK and Ireland, with another 800 overseas.”

It was founded more than 40 years ago by entrepreneur Catherine Paver with a bank loan of £200 and worked in the business until she passed away in February this year, aged 88.

Now, the company returns revenues of £105m in 2016 and has overseas operations in India, Sri Lanka, Dubai, Qatar, and Abu Dhabi.

Stuart Paver commented: “My mother’s legacy is very special. We are determined to build on it, by spotting new business opportunities and, crucially, by continuing to provide the comfortable, stylish and good value footwear that our customers want.”