The creditor of high-end shoe retailer, Jones Bootmakers, is set to miss out on millions of pounds following the retailer’s rescue from administration by private firm, Endless.
In March, Administrators from KPMG were called into A Jones & Sons Ltd, which trades as Jones Bootmaker. Following the appointment, a deal was completed for Endless to purchase 72 of the shoe stores which employ around 840 staff; unfortunately a number of branches were not included in the deal resulting in approximately 260 job losses.
Before Endless, Jones Bootmaker was owned by Alteri, a turnaround investor which also acquired its sister brand Brantano in October 2015. Brantano is currently experiencing its second year in administration. Alteri is Jones Bootmakers only secured creditor and is not expected to receive a repayment in full. The company was owed £23m at the time of administration.