UPDATE: Barratts goes into administration

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Shoe chain Barratts has entered administration after a £5million investment offer was withdrawn.

The company has a branch in Horsham’s Swan Walk shopping centre.

More than 1,000 jobs are at risk in UK an Ireland.

Philip Duffy and David Whitehouse, both of global financial advisory and investment banking firm Duff & Phelps were appointed joint administrators of footwear retailer in the afternoon of 8th November 2013.

The joint administrators are reviewing the company’s financial position whilst seeking a going concern sale of the business.

At this stage redundancies and/or store closures cannot be ruled out, the administrators said in a statement.

Philip Duffy, Duff & Phelps partner said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business.

“The company had recently received an offer from an investor to inject £5million into the company but that offer was withdrawn on the evening of the 7th November.

“In view of the financial position of the company and withdrawal of that equity offer the directors were left with no choice but to appoint administrators.”

The company operates from 75 stores and 23 concessions across the UK and Ireland employing 1,035, of which 521 are part time.