Footwear supplier Logo 69 has emerged as an interested party in rescuing the Faith footwear business from administration.
The supply firm has requested the information memorandum (IM) document from administrators Mazars with a view to buying the entire Faith business including its 78 stores and 120 Debenhams concessions. If successful in its bid, the deal would secure an undisclosed number of jobs at the company, which employs 1,700 full and part time staff.
Logo 69 co-owner Ulli Jonsson said: “We need further information but we have the intention to do so [buy the business].” He added that he wanted to understand the current state of the business before making an offer. He said: “We know the business very well but we would like to see the current state of play.”
Mazars told Drapers it is due to send out the IM document to all interested parties in the next 24 hours. Logo 69 is understood to have secured sufficent backing to buy the business.
Logo 69 has supplied Faith for 15 years and is one of the seven suppliers which threatened to withdraw stock from Faith stores and concessions in Debenhams after the Faith business collapsed into administration last week.
As a group, Logo 69 and the consortium of suppliers have appointed law firm Sprecher, Grier and Halberston to demand stock back from Mazars, claiming that Faith is selling stock which they own via retention of title rights.
A Mazars spokesperson said: “We are addressing their concerns.”
Mazars has said it is seeking a buyer for the business as a going concern. Restructuring firm Hilco is understood to have bought the chain’s debt and Debenhams is thought to be eyeing the sale process closely because the lion’s share of Faith’s profit is generated by the department store’s concession business.