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Brantano creditors owed £18.8m

Footwear retailer Brantano UK reportedly owed unsecured creditors £18.8m when it went into administration in January.

Brantano

Brantano

Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed as joint administrators on January 21. Brantano’s sister company, Jones Bootmaker, was unaffected by the administration.

Website Insider Media has reported that the unsecured claims include £4.3m from trade suppliers, £1.1m from Revenue and Customs, and a further £5.1m owed to landlords.

However, the total assets available after secured creditors are paid is thought to be £2m.

In February Alteri Investors – which initially bought Brantano in October 2015 – bought the majority of the firm out of administration, saving 81 stores, 59 concessions and 1,372 jobs.

The Alteri purchase excluded 57 stores and one concession.

In 2015 Brantano lost £4.6m before tax, although sales rose 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.

 

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