Kinnaird saves faith
More than 2,000 jobs have been safeguarded at struggling footwear chain Faith Shoes after the group was bought in a rescue deal led by retail entrepreneur John Kinnaird.
Mr Kinnaird, former owner of Dolcis Shoes, has teamed up with investment fund Agilo to buy Faith from administrators for an undisclosed sum, the Press Association has reported.
The deal will see the Faith brand saved after its future was left hanging in the balance when previous owners, private equity firm Bridgepoint Capital, were reportedly forced to put the business up for auction after failing to reach agreement with its bank, Barclays.
Faith, which has 85 stores and more than 120 concessions across the UK, will now be merged with Mr Kinnaird's existing clothing brand Envy and Agilo's teenage fashion business Chilli Pepper to create a new retail presence.
The new business will have around 140 stores across the UK, as well as more than 200 concessions in the UK and Europe. It is understood that department store partners include House of Fraser, Debenhams and Galeries Lafayette.
Faith was placed in administration on September 10 before being sold on in a so-called 'pre-pack' deal. Mr Kinnaird and management now hold a majority stake in the new business, with Barclays Bank and Agilo holding minority shares and also providing working capital facilities.
Administrators FTI Consulting said: "This transaction will enable the business to continue to trade as well as securing the future of the brand which is excellent news for its employees, customers and suppliers."
