Macintosh confirms sale of Brantano UK and Jones to Alteri

By

Barbara Santamaria

Published
Oct 28, 2015

The retail group has announced the sale of its UK footwear brands Brantano and Jones Bootmaker to Alteri Investors for £12.3 million (€17 million), effective from October 27. The deal was, according to the company, “at the lower end of the originally expected range” and the proceeds will be used to repay debt.

Underlying EBITDA from Brantano and Jones Bootmaker stood at negative £1.3 million for the third quarter of 2015.

The disposal of its UK operations was part of Macintosh’s “rebalancing for profitable growth” strategy to focus on its core Beleux formats. The Dutch group, which is also looking to sell its home label Kwantum, posted an overall rise in sales of 1.8% in the third quarter, and 9% in September on a like-for-like basis.

Commenting on the acquisition, Gavin George, Alteri’s CEO, said: “We’re very excited by this latest investment which marks Alteri’s first equity deal in the UK.  Since launching at the end of 2014, we’re delighted with the progress we’ve made in building our investment and lending portfolio, and we look forward to partnering with other retailers across the European retail sector.”

Brantano is the UK’s largest out-of-town affordable retailer with a broad range of own label and leading brands. It has 140 stores and 61 concessions in the UK. Meanwhile, Jones Bootmaker has 110 stores in prime locations in cities and shopping centres in the UK, and 13 concessions.