Private equity firm Endless completed the acquisition of Jones Bootmaker on Saturday in a pre-pack administration deal that will save 72 stores and secure around 840 jobs in the UK.
Around 25 underperforming stores and six concessions were not part of the sale and will close immediately, resulting in 262 job losses.
Endless executive chairman and co-founder Garry Wilson described how his team had been working on a deal for the last few weeks but the proposed deal fell through on Thursday morning.
He said the team plans to take “Jones back to where it belongs”, which will be a “big challenge ahead but if anyone can do it, Endless can”.
Endless was formed in 2005. It has completed more than 70 acquisitions and 45 exits of UK businesses to date.
Investments include Crown Paints, Bathstore.com, The West Cornwall Pasty Company and The Works retail chain but one of the most relevant for the Jones deal would be that of footwear supplier Peter Black in 2006.
The firm sold Marks & Spencer supplier Peter Black to a subsidiary of global sourcing firm Li & Fung 13 months later, making a three times return on its investment.