Brantano future in jeopardy as new owner reviews business

Alteri Investors, which is headed by former GA Europe chief executive Gavin George, acquired Brantano and sister retailer Jones Bootmaker from Macintosh Retail Group for £12m in October, resulting in a book loss of €53m (£39m).

A source close to the situation told Retail Week that Alteri had been “evaluating the options” since the turnaround specialists bought the footwear retailer.

Brantano has experienced difficulties in a tough footwear market with pre-tax losses of £4.6m in the year to 31 December 2014. However, turnover increased 6% to £100.7m in the same period, according to documents filed at Companies House.

Alteri is understood to be working with accountants PwC to review the future of the business, which could include a restructure, according to The Sunday Times. The report said Alteri’s Jones Bootmaker business is thought to be unaffected.

Brantano operates 140 stores, most of which are in out-of-town locations, and 61 concessions across the UK.

Since the business launched at the end of 2014, Alteri has bought German multi-brand retailer Versandhaus Walz, provided a three-year loan to Austin Reed Group and provided a working capital facility to German fashion group Basler.

Alteri declined to comment.