Family owned footwear retailer Shoon has been sold to its existing management as part of a buyout supported by restructuring specialist GA Europe.
The retailer, which collapsed into administration on February 6 will continue to operate 11 stores in Bath, Brighton, Cheltenham, Epsom, Guildford, Kingston-upon-Thames, Reading, Salisbury, St Albans, Tunbridge Wells and Winchester. It also has a significant online business, operated from a head office and distribution facility in Wells, Somerset.
Restructuring specialist GA Europe, which has supported the MBO, will provide funding for working capital and development of the business, as well as taking a direct stake in the equity.
Shoon’s management team, led by managing director Stephen Sanders, will be joined by non-executive chairman Carolyn Simons, formerly managing director of Homestyle Group and commercial director of Homebase.
As a result of the sale 153 staff will retain their jobs with the retailer.
Administrator Ian Robert of Kingston Smith LLP said: “After marketing the business we received a number of offers, the strongest of which was from the company’s existing management supported by restructuring specialist GA Europe, whose industry knowledge I hope will be a real asset in leading Shoon towards a bright future.
“I am pleased that this deal has helped preserve over 150 jobs in both the stores and head office in Wells, while ensuring the survival of a long established retail brand.”
Shoon managing director Stephen Sanders commented: “We are delighted to have a supportive investor in GA Europe and this will give us a firm financial platform from which to continue the process of stabilising and reviving the business. We would like to thank all our staff and loyal customers for their support during the difficult period when we have been in administration.”
Prior to its administration in February Shoon operated 23 stores and employed 280 staff.
For more on this story see Friday’s issue of Drapers.