Alteri Investors has bought the majority of Brantano UK out of administration, saving 81 stores, 59 concessions and a total of 1,372 jobs.
Brantano, which was sold by Macintosh Retail Group to Alteri Investors in October 2015, appointed Tony Barrell, Mike Jervis and Rob Hunt of PwC as joint administrators on January 21.
The Alteri sale excludes 57 stores and one concession. PwC will continue to trade these stores while it continues to negotiate with interested parties.
Brantano told Drapers: “Every action possible was taken to complete a solvent restructure including extensive renegotiations with landlords. Unfortunately the landlords were unable to revise their terms to a viable level. The insolvency of our previous parent company, Macintosh Retail Group, added further complexity. Consequently, it became clear that placing Brantano in administration was the only route available.”
It added that the restructured format was now “well placed for future development” and both Brantano and its sister company Jones Bootmaker - which was unaffected by the administration - are “well-funded and are able to move forward on a solid strategic, operational and financial footing”.
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 Barrell 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.”
Brantano lost £4.6m before tax last year, although sales increased by 6% to £100m.
Jones, which has 110 shops and 13 concessions in the UK, made a pre-tax profit of £315,000 for the year to December 31 2014. It made sales after exceptional items of £79.9m.
Macintosh, which still owns the Brantano chain outside of the UK, as well as European footwear retailers Manfield, Invito and Dolcis, appointed JJMC Huppertz and BWGP Meijs as joint administrators on December 22 2015.
For the full list of Brantano stores being marketed for disposal click here.