Gordon Brothers Europe provides additional support to Barratts Trading Limited
Gordon Brothers Europe announced today that additional financing has been provided to Barratts Trading Limited, the well-known national footwear chain, trading under the name Barratts.
After falling into administration in 2011, the Chairman and CEO of Barratts, Michael Ziff, approached Gordon Brothers to provide finance to assist with working capital following his MBO. The committed finance facility gave the Barratts Management team the opportunity to turn the business around to a more positive footing.
Since this original transaction Gordon Brothers has continued to support Barratts with additional working capital to help fund its on-going development as well as operational support when needed.
As a result Barratts have now acquired certain assets from the administrator of Famous Footwear. Barratts will now provide concession management at 16 of Beales’ department stores, previously managed by Famous Footwear.
The national footwear chain continues to steadily improve and stabilise within the competitive retail sector. This has been made possible through the expertise of Gordon Brothers in understanding the asset value and industry sector, and the flexible nature in which finance has been provided.
Michael Ziff, Chairman and CEO of Barratts Trading Limited commented “We are delighted with the development of the relationship and the support that Gordon Brothers have provided has enabled us to stabilise and develop the new business”