Alteri Investors buys Brantano out of administration
today Feb 16, 2016
Footwear company Brantano UK has been bought out of administration by a company controlled by Alteri Investors, saving 1,372 jobs and 140 stores and concessions.
Brantano was sold by Macintosh Retail Group to Alteri Investors in October 2015 and entered administration on January 21. Following the administration, the administrators (Tony Barrell, Mike Jervis and Rob Hunt of PwC) have continued to trade the business whilst undertaking a sales process amongst interested parties.
That process has now been completed and the majority of the business has been sold to a company controlled by Alteri Investors. However, 58 stores and concessions have not been included in the Alteri acquisition. The administrators continue to trade these stores whilst dialogue continues with interested parties.
Robert Moran, deals partner at PwC, who led the sales process, said: “From discussions held over the last few weeks, there was interest from a number of parties, both trade and private equity, for the Brantano business. Of this interest, the offer from Alteri represents the best outcome for creditors and employees. We are delighted that 1,372 jobs have been preserved through the transaction and thank the Brantano team for working closely and collaboratively with us throughout what has been a difficult period for the business.”
Tony Barrell, lead administrator, said: "We continue to trade the remaining Brantano business whilst discussions with interested parties continue. Unfortunately, in the event further sales are not possible, redundancies will become inevitable. We are working closely with Brantano employees and offering every support possible through this difficult period.”
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