Jones Bootmaker has been sold to fellow footwear chain Pavers through a pre-pack administration, resulting in 86 redundancies.
Private equity firm Endless, which bought Jones Bootmaker last March, appointed Sam Woodward and Colin Dempster of EY as joint administrators on February 26 following tough trading.
Pavers then acquired 42 of Jones Bootmaker’s 47 stores, its website and the Jones brand, safeguarding the jobs of 389 employees.
However, the head office and five stores were not included in the deal.
An Endless spokesman said: “Jones Bootmaker is a well-established retailer with a strong heritage and brand. We are pleased to have been able to save 389 jobs and ultimately transfer 42 of the 47 store estate to a strong family business and wish the business well. Unfortunately, we were unable to secure a sale of business that retained the head office.”
Stuart Paver, managing director of Pavers, said: “All of us at Pavers are happy to be able to secure the future of hundreds of loyal employees and welcome them into the Pavers family. The Jones stores and people are a huge asset to Pavers and we look forward to developing the business, and the people, over the decades to come.
”Pavers is an independent family business, as Jones used to be, and we want to re-establish these traditional family values, returning the focus at Jones to exceptional product and friendly customer service – hallmarks of what we try so hard to achieve at Pavers.
”Our plan is to grow and develop the Jones Bootmaker brand and product as a distinct offering separate from the existing Pavers retail business. We believe the Jones brand has an exciting future and are eager to invest in this.”
Administrator Woodward added: “The pressures on high street retailers and the challenging trading conditions of recent years have been well covered in the media.
“This deal will ensure that Jones Bootmaker, a brand that has built a strong and well recognised high street and online presence over many years, can continue to evolve and prosper. Most importantly it means that 389 jobs have been secured and that the vast majority of stores within the estate will remain open.”
Before the deal, Pavers traded from 130 shops and employed 1,300 people.
In August Drapers revealed Jones Bootmaker closed nine stores following a review.