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Faith pre-pack administration deal expected today

Faith is expected to be put into administration this afternoon before being immediately sold in a pre-pack deal to retail entrepreneur and former Dolcis owner John Kinnaird.

Faith, which was put up for sale by its bankers Barclays last month, is understood to have issued a notice of intent to file for administration at the court this morning and is expected to file for administration this afternoon.

Sources close to the situation told Drapers that the administration process would enable Kinnaird to get rid of some loss-making stores and wipe out a significant amount of company debt before buying the footwear chain. Kinnaird is believed to have struck a deal to take some stock as part of the rescue of the business however a significant number of suppliers are thought to have retention of title over goods.

Kinnaird is believed to be planning to slash head office costs and merge the Faith business with Envy, the branded menswear business he also owns.

Kinnaird is also expected to reposition Faith to compete more closely with Barratts, chasing slightly cheaper volume sales rather than focusing on more premium fashion styling.

Agilo, the investment firm believed to be backing Kinnaird to buy the Faith business, yesterday incorporated a new company called Faith Shoe Group at Companies House.

In 2006, Kinnaird bought the Dolcis footwear chain from Alexon but it subsequently fell into administration earlier this year after struggling to compete with high street fashion chains selling footwear.

To read an in-depth analysis on Faith and its history click here. Check back for more.

Can John Kinnaird revive Faith? Vote in our poll on the right.

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Readers' comments (3)

  • I rest perplexed that there are investors willing to back this move ..surely after the Dolcis debacle,he cannot revive Faith.My sympathy lies with tose ho will lose their jobs and the suppliers who will bear the brunt of this folly.

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  • I cannot see that this can be any good for Faith. Trading against Barratts will be the end for Faith. Faith have been trading up for the last year and where shops have been refitted the results are very positive. Barratts have lost money for years! I think Mr Kinnaird will try to build up and sell all the enlarged group and walk away with a tidy sum, Look at his track record. I agree that the people who will suffer will be the staff at Faith just as the Dolcis team suffered a short time ago. Thanks Barclays for pulling the plug again.

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  • Our management is saying there is nothing to worry about, But reading your report, it is starting to make me wonder. If we are going to have jobs by christmas. We are not getting any answers from our head office. All the staff want to know is, what is happening... I have found out more on here than our head office is telling. i think they are afraid of us jumping a sinking ship.

    Trading against barretts will not do faith any good, at the moment we some amazing shoes in store. for the last 2 years ours shoes have been normal, and boring just like barretts, now the tide seems to be changing and the shoes are back to faith at it's best, we have seen a rise in sales.
    I feel that lowering our standards will do Faith more harm than good.

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