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Pavers makes last-minute rescue bid for Barratts

Multi-brand footwear chain Pavers has reportedly stepped in to buy Barratts, as the administrator reveals that a further 11 stores will close this week.

Pavers has put in a final bid for more than £5m and is keen to wrap up a deal quickly in order to keep staff and as much stock as possible, The Telegraph has reported.

Philip Duffy of restructuring firm Duff & Phelps was appointed as administrator last month after Barratts hit the buffers for the third time in five years in October following difficult trading conditions.

A spokeswoman for Duff & Phelps said a further 11 shops mainly across Ireland and Northern Ireland will close this week. The following locations will close their doors this week: Athlone; Kilkenny; Huddersfield; Ballymena; Coleraine; Enniskillen; Bangor; Newtownards; Newbridge; LetterKenny and Waterford.

It brings the total number of store closures to 30.

York-based Pavers operates about 100 stores and sells own brand footwear alongside labels including Hush Puppies and Loake. In October the chain said it was looking to step up its presence in India with plans to open a further 120 stores and 280 concessions in the country, building on its existing 36 standalone stores.

Pavers’ UK business reported turnover of £63m and pre-tax profits of £5.3m for the year to January 2012.

Pavers declined to comment.

 

Readers' comments (1)

  • This makes no sense at all. The chain has long since been passé and any money invested in it is only good money going to bad. Let it die.

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