Brantano Retail Ltd was acquired by a company controlled by private equity firm Alteri Investors in February 2016 but has experienced difficult trading conditions since, despite sustained efforts and streamlining to make the business more commercially viable, which included closing around half of the stores in the chain.

PwC reported a sale of the company was explored and whilst it generated interest, unfortunately it has not been possible to achieve. This has resulted in the company being placed into administration.

Tony Barrell, lead administrator at PwC, said: ‘Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market. Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.

The administrators said they are continuing to trade the business as normal whilst assessing the trading strategy and any interest in parts of the business over the coming days and weeks.

‘However, regrettably, it is inevitable that there will be redundancies. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration,’ Barrell said.

The company is a value shoe retailer operating 73 stores and 64 concessions across the UK and employs 1,086 staff. The head office is based in Hinckley, Leicestershire with 71 of the staff.

Alteri Investors also owns Jones Bootmaker, which it bought in October 2015. The company is reported to have filed a notice of intention to appoint administrators as it seeks a buyer for the 160-year-old high street chain, which has also been experiencing financial challenges.