1,000 jobs at risk as budget chain fails

FOOTWEAR retailer Brantano has fallen into administration, putting 1,000 jobs at risk.

The low-cost chain, which has 73 stores and 64 concessions in the UK, faced rising costs after the fall in the pound since Britain’s Brexit vote.

It pays for most of its shoes in dollars, which has led to margins being squeezed.

Now its private equity owners Alteri Investors have appointed accountancy firm PwC as administrator. It has warned of redundancies but assured workers that they would be paid arrears of wages and salaries. Tony Barrell, lead administer at PwC, said: ‘ Despite significant improvements in the business and reductions at the cost base, trading has continued to suffer in a depressed and competitive footwear market.’

Alteri was set up two years ago by private equity group Apollo. It bought Brantano along with Jones the Bootmaker in 2015.

Both chains were put up for sale, and while it is understood a buyer may be found for Jones, no business has come forward for Brantano.