Administrators working for PwC have sold the majority of the collapsed Brantano shoe business and saved 1,372 jobs.
Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed joint administrators of Brantano (UK) Limited on 21 January.
They have continued to trade the business while undertaking a sales process between interested parties. Having now completed the process, the majority of the business has been sold to a company controlled by Alteri Investors, preserving 1,372 jobs and 140 stores and concessions – 58 stores and concessions have not been included in the Alteri acquisition and the administrators continue to trade these while dialogue continues with interested parties.
Robert Moran, Deals Partner at PwC, who led the sales process, said: “From discussions held over the past 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.”
Tony Barrell, Lead Administrator said: “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.”