- Alteri has bought 81 Brantano shops and 59 concessions
- About 1,400 jobs will be preserved
- Brantano was hit by tough trading conditions and changes in shopping habits
Investor Alteri has bought most of footwear business Brantano out of administration less than a month after administrators were called in.
Alteri, which owned Brantano UK when it hit the buffers in January, has bought 81 of the retailer’s stores and 59 concessions, Retail Week understands.
A total of 1,372 jobs will be saved as a result of the deal.
PwC confirmed in a statement that 57 stores and one concession have not been included in the Alteri acquisition. The administrators continue to trade these stores and talks are continuing with interested parties.
Property agency GCW has been retained by the administrator to market the remaining stores.
Robert Moran, deals partner at PwC, who led the sales process, said: “From discussions held over the last few weeks, there was interest from a number of parties, both trade and private equity, for the Brantano business.
“Of this interest, the offer from Alteri represents the best outcome for creditors and employees.
“We are delighted that 1,372 jobs have been preserved through the transaction and thank the Brantano team for working closely and collaboratively with us throughout what has been a difficult period for the business.”
Lead administrator Tony Barrell added: “We continue to trade the remaining Brantano business whilst discussions with interested parties continue.
“Unfortunately, in the event further sales are not possible, redundancies will become inevitable. We are working closely with Brantano employees and offering every support possible through this difficult period.”
Alteri acquired Brantano and its sister retail Jones Bootmaker from Dutch parent company Macintosh for €17m (£12m) last October. The transaction resulted in a book loss of €53m (£38m) for Macintosh.
But just two months later it emerged that Alteri was evaluating Brantano’s future, after a source close to the situation told Retail Week that the retail restructuring specialists had been “evaluating the options” since acquiring the discount footwear business.
Last month Brantano collapsed into administration, putting 2,000 jobs at risk. Jones Bootmaker was not affected.
Brantano had been “hit hard by the change in consumers’ shopping habits and the evolution of the UK retail environment,” administrator PwC said at the time of its demise.
Brantano, which operates 140 stores and 60 concessions across the UK, has found trading tough in a competitive footwear market.
The retailer reported a pre-tax loss of £4.6m for the year ending December 31, 2014, despite posting a 6% uplift in turnover to £100.7m during the same period, according to documents filed at Companies House.