Brantano Retail Limited (the “company”) - in administration
Published at 15:03 PM on 22 March 2017
Tony Barrell and Mike Jervis of PwC have today been appointed as joint administrators of Brantano Retail Limited.
The company is a value shoe retailer operating 73 stores and 64 concessions across the UK and employs 1,086* staff. The head office is based in Hinckley, Leicestershire with 71 of the staff.
Brantano Retail Limited was acquired by a company controlled by Alteri Investors in February 2016 but has experienced difficult trading conditions, despite sustained efforts and streamlining to make the business more commercially viable. A sale of the company was explored and whilst it generated interest, unfortunately it has not been possible to achieve. This has resulted in the company being placed into administration.
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.
“The administrators are continuing to trade the business as normal whilst assessing the trading strategy and any interest in parts of the business over the coming days and weeks. However, regrettably, it is inevitable that there will be redundancies. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration.”
Notes to Editors:
*Employee numbers correct as of 4 March 2017.
Please note that this administration relates to Brantano Retail Limited only.
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