KPMG has found a buyer for Jones Bootmaker, the footwear retailer with over 100 branches across the UK, selling the company to private equity firm Endless, in a move which saves the company from going into administration
As part of the sales process, Will Wright, Steve Absolom and Blair Nimmo of KPMG were appointed joint administrators of A Jones & Sons Ltd last week.
The deal sees Endless acquire 72 stores, securing around 840 jobs in the UK. The administrators say there are 25 underperforming stores and six concessions which are not part of the sale and will close immediately, with the loss of around 262 jobs.
Will Wright, partner at KPMG and joint administrator, said: ‘We are delighted that we have been able to rescue such an iconic UK footwear brand as Jones Bootmaker, including a high proportion of stores and preserving a large number of jobs, especially given the current economic pressures faced by retailers across the UK. This deal recognises the value of Jones as a strong and popular high street brand with a loyal customer base.’
Jones Bootmaker was established in London in 1857 by Alfred Jones and his wife Emma who kept the story open from 8am to 8pm, and midnight on Saturdays, while looking after 11 sons and three daughters.
Two years ago the company was bought by private equity firm Alteri Investors in a £12m deal which included the rival shoe retailer Brantano. Last week PwC announced it was handling the administration of Brantano Retail Ltd, which has collapsed putting some 1,000 jobs at risk.
