Barratts chief executive Michael Ziff has ruled himself out of making a bid for the footwear business, which is in administration for the third time in five years, but has told Drapers that he would be prepared to work with any new owner if required.
Speaking exclusively to Drapers today, Ziff maintained that Barratts “has a position in the comfort end of the market”, adding “We have been trading strongly since new product arrived in April and our boot sales in early September were spectacular. But we didn’t have enough stock or enough working capital in the business.”
The Ziff family shareholding in the business amounts to just under 50% and with close associates it speaks for about 70%, but Ziff told Drapers: “I do not see myself throwing new money at it or running it. I would look to it going forward under a new incumbent and I would be happy to partner a new owner in some way.”
Bradford-based Barratts has fallen into administration twice before, in 2009 and again in 2011, when Ziff rescued 89 stores from administration.