Yahoo Finance Jones the Bootmaker owners hoist 'for sale' sign over retailer
Jones Bootmaker, one of the oldest brands on the British high street, has been put up for sale by its owners in a move that raises questions over the future of its 170 shops and thousands of employees
Retail sources said the company's owners, turnaround firm Alteri Investors, have recently engaged advisers at KPMG to explore all options for the 160-year-old company including a straight sale of the business or a potential administration.
Alteri, which is backed by US private equity giant Apollo, bought Jones the Bootmaker two years ago in a £12m deal, which included rival shoe retailer Brantano.
Last year Brantano was put through a pre-pack administration following difficult trading in a move that resulted in Alteri rescuing 1,372 jobs but ditching some key outstanding debts and around 60 unprofitable stores.
The turnaround firm is understood to have invested in Jones's new product ranges, a new head office, and recently launched an improved website, which means customers can use click and collect services.
In September Jones also named retail veteran David Riddiford, former Links of London boss, as its new chief executive.
However, it is understood that Alteri has recently taken the decision to find a new investor in the business.
The challenging trading backdrop has prompted a number of retailers to consider their future as they deal with rising wage bills, business rates, the apprenticeship levy and higher import costs from a weaker pound.
According to the BRC, in the “best case scenario” the steep jump in business rates will mean there will be 8,073 fewer shops by 2020, putting 80,000 jobs at risk.
In addition, a number of retail chains are considering the future of their physical stores as shoppers shift their spending to online.
