Shoe retailer branch looking for new owner

The Brantano Footwear store on Gapton Hall Retail Park, Great Yarmouth.Picture: James Bass

The Brantano Footwear store on Gapton Hall Retail Park, Great Yarmouth.Picture: James Bass - Credit: Eastern Daily Press © 2016

The Great Yarmouth branch of Brantano at Gapton Hall is looking for a buyer after it was overlooked in an acquisition deal that has saved dozens of other branches across the UK.

The discount shoe retailer announced last month that it had gone into administration, putting 2,000 staff at risk.

It came just three months after the chain was bought by an investment firm Alteri Investors.

PwC lead administrator Tony Barrell said: 'The continuing challenging conditions for 'bricks and mortar' retail stores are well documented.

'Like many others, Brantano has been hit hard by the change in consumers' shopping habits and the evolution of the UK retail environment.'

Earlier this month it was confirmed the majority of the business had been sold to a company controlled by Alteri Investors.

But 58 stores and concessions, including the one at Yarmouth, have not been included in the Alteri acquisition and the administrators continue to trade these stores whilst dialogue continues with interested parties.

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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.'

Meanwhile Mr Barrell 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.'

A spokesman said the closing down sale was part of a discount strategy and that no closing date had been set.

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