Background to the transaction:

At the time of its administration, UK footwear retailer Brantano was operating from 135 stores.

Following a competitive tender process ERS was appointed by administrator PwC as Agent, prior to an accelerated M&A process being conducted.

Key trading initiatives:

In addition to managing the store operations, discount strategy and advertising campaign over a 12 week trading period, ERS took full responsibility and accountability for:

• conducting ROT (retention of title) negotiations with suppliers
• buying additional opportunity stock for the business
• supporting the administrator in managing ransom creditors
• managing the outsourced DC partner to limit contract liabilities
• negotiating with the HO landlord to reduce its unsecured claim
• managing third party shippers and demurrage costs

Results:

The trading outcome far exceeded forecast and expectations

• Sales were 180% above last year and recovery was above 150% stock at cost

Circa 15 stores were sold to an external party and the IP sold for 100x initial valuation

Over 90% of sales staff were retained until the end of the trading period

All stores were closed to a “broom clean” standard, resulting in no landlord litigation against the administrator.