Pavers steps up to make Barratts offer
SHOE retailer Pavers has made a rescue offer to footwear chain Barratts which went into administration last month.
It is understood that the York-based firm has made an offer for parts of the Barratts business.
Philip Duffy and David Whitehouse, of insolvency firm Duff & Phelps, were appointed joint administrators of Barratts Shoes on November 8.
They said they were reviewing the Yorkshire-based company’s financial position whilst seeking a going concern sale of the business.
The company operated from 75 stores and 23 concessions across the UK and Ireland employing 1,035 staff at the time of administration.
Pavers has been capitalising on opportunities in India and became the first foreign retailer to be allowed to set up wholly owned stores in the country last year.
Pavers’ plan follows a decision in 2012 which saw India allow 100% foreign ownership in companies that sell only their own brand of goods in the retail sector. Previously, such foreign companies could own only up to 51% of their Indian operations.
Turnover at Pavers to the end of January 2012 was £63m with pre-tax profits at £5.3m. Employees number more than 800.
