Leeds-based footwear firm Moda in Pelle has been bought in a pre-pack administration deal by its founder Stephen Buck after the firm hit the buffers earlier this month, Drapers has learned.
Moda in Pelle operated from 17 retail stores and 26 concessions and has a wholesale footwear operation. The deal involves the transfer of approximately 300 jobs to companies owned by Buck, which allows for the continued trading of the business.
Howard Smith and Jonny Marston of KPMG were appointed as joint administrators to the Moda in Pelle companies on 11 January after it experienced “ongoing losses and cash flow difficulties which were not eased by the Christmas trading period, leaving only a small window of opportunity in the New Year to rescue the business”.
Buck opened the first store in the Merrion Centre, Leeds, in 1975 and launched a wholesale division in 1997. The firm went into administration in 2006, but Buck immediately bought back a slimmed-down store portfolio. It was also bought out of administration by Buck again in 2008.
In 2014, the firm received £3.5m growth capital investment to develop its multichannel offer, increase the number of stores in strategic locations in the UK and abroad, and to further develop its branding.