The Brantano shoe shop in Skegness has been sold.
The outlet based in Beales Department Store on Lumley Road is among a number which has been sold off, administrators PricewaterhouseCoopers has confirmed.
Tony Barrell, Mike Jervis and Rob Hunt of PwC were appointed joint administrators of Brantano (UK) Limited in January.
Following their appointment, the administrators have continued to trade the business whilst undertaking a sales process amongst interested parties.
Having now completed this process, the majority of the business has been sold to a company controlled by Alteri Investors, preserving 1,372 jobs and 140 stores and concessions.
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.”
However 58 stores and concessions have not been included in the Alteri acquisition and the administrators continue to trade these stores whilst dialogue continues with interested parties.
Mr 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.”
Stores in Boston, Grantham and the one on Valentine Shopping Park in Lincoln remain unsold.
The outlet in Splading was also among those to be sold.