Shoe retailer Pavers has made an eleventh hour rescue offer for footwear chain Barratts, which fell into administration in November.
According to The Telegraph, Pavers is offering more than the £5m to Barratts’ administrator Duff and Phelps. Barratts has collapsed three times in four years.
Pavers is keen to strike a deal soon, in order to retain staff and as much stock as possible. It is thought that if Barratts’ stores shut, Pavers is less likely to want to secure a deal.
Pavers is a family run retailer that sells comfortable shoes to middle-aged shoppers. The retailer has more than 100 shops in the UK and Ireland and is headquartered in York at Catherine House and a growing Indian arm.
The group reported turnover of £63m and pre-tax profits of £5.3m for the year to January 2012.