Jones Bootmaker, the having a hard time footwear chain, is changing hands for the second time in less than a year amid tough high street trading conditions.
The financial investment firm which purchased Jones Bootmaker last March, has struck an offer to sell the company to Pavers, an independently owned shoe retailer.
An announcement is expected to be made this week.
The offer will protect the large bulk of the 475 jobs at Jones Bootmaker, with 42 of its 47 stores moving to York-based Pavers’ ownership.
Sources said on Monday stated the deal was being structured so that Pavers would obtain the Jones Bootmaker possessions out of an administration handled by EY.
Family-owned Pavers, which trades from about 130 stores and uses 1,300 people, is not buying the Jones head office as part of the deal, according to insiders.
Jones Bootmaker fell into administration in the spring of in 2015, with hundreds of jobs lost as part of the shift to new owners.
The chain was formerly owned by Alteri Investors, a specialist investor in distressed merchants.
Unlimited is understood to have actually concluded that a weak trading environment on the high street indicated that the chain’s future was more most likely to be protected as part of a larger group.
Pavers, which has its own TELEVISION shopping channel, was founded in 1971 by Catherine Paver utilizing a ₤ 200 bank loan.
She worked full-time for the company up until the age of 88, with Pavers now run by Stuart, one of her 3 children.
Neither Endless nor Pavers might be reached for comment.
The transaction makes Jones Bootmaker the most recent clothes seller to be sold in the middle of growing pressure on chains’ sales and costs performance.
ALSO CHECK OUT THE LATEST NEWS HEADLINES at EPICdigest.com