Tue, 17 Dec 2013 | ADMINISTRATION
Shoe retailer Pavers has stepped in to offer an 11th hour rescue for embattled Barratts, which entered administration for the third time in four years in November.
Duff & Phelps was drafted in as the administrator to manage the proceedings for the shoe seller, leaving 1,035 jobs hanging in the balance.
Barratts entered administration again having failed in its endeavour to find a £5 million cash boost from investors to help it during prolonged tough trading conditions.
Pavers has now put over £5 million on the table to purchase Barratts as a final offer. It intends to save as many jobs and current stock as possible. If the business were reduced to empty stores a purchase would be less attractive for Pavers.
Closing down sales have commenced at the 75 UK and Irish Barratts stores, so there is not much time left.
Based in York Pavers is a family-run business that started on a £200 loan in 1971 as a door-to-door seller of comfortable shoes, and is today a rapidly growing retailer.
The UK business sells comfortable shoes aimed at middle-aged customers from 32 stores and 120 concessions. It aims to expand its stores to 120.
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Related information:
Barratts shoe retailer in administration for the third time
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