Tuesday, February 16, 2016

News: Not looking good for Brantano's Rotherham store

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The Rotherham outlet of struggling shoe retailer, Brantano, doesn't seem to fit for the owners after a deal to acquire parts of the business did not include the Parkgate store.

Rothbiz reported last month that closing down signs went up at Brantano, as it continued to trade whilst in administration. Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed as joint administrators of Brantano (UK) Limited on January 22.

The value retailer operated 140 stores and 60 concessions across the UK and employs around 2,000 staff. It was acquired in October 2015 by Alteri Investors - a specialist that invests in stressed and distressed retail situations - but has experienced difficult trading conditions. Administrators said it had been "hit hard by the change in consumers' shopping habits and the evolution of the UK retail environment."

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Now a deal has been struck that will see Alteri Investors hand-pick 140 of the stores and concessions, preserving 1,372 jobs.

58 stores and concessions have not been included in the Alteri acquisition and this includes Rotherham. The administrators said that it will 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 at PwC, added: "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."

Brantano website

Images: Brantano

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