The Jones Bootmaker store in Lincoln’s Waterside Shopping Centre is set to close as the 160-year-old footwear chain announces its sale to investment firm Endless for £11 million.
Lincoln is the only store in Lincolnshire set to close immediately, which has resulted in eight job losses, whilst the Stamford store has been included in the sale and will continue trading.
Following uncertainty earlier in the month, the deal has encompassed a total of 72 stores across the country which has saved 840 jobs, however another 31 stores and 260 jobs are still expected to be lost.
Administrator KPMG LLP has confirmed that the stores closing, including the Lincoln branch, are underperforming, which is why they have not been included in the sale.
Jones Bootmakers was owned by Alteri Investors, the same company that currently owns the Brantano chain, which has also recently entered administration for the second time in just over a year.
It is understood that talk for the sale of Brantano are still ongoing with potential buyers such as Endless, Kurt Geiger and Pavers.
Alteri bought Jones the Bootmaker in 2015 in a £12 million deal.
Will Wright, partner at KPMG and joint administrator, said: “We are delighted that we have been able to rescue such an iconic UK footwear brand as Jones Bootmaker, including a high proportion of stores and preserving a large number of jobs, especially given the current economic pressures faced by retailers across the UK.
“This deal recognises the value of Jones as a strong and popular High Street brand with a loyal customer base.”
Andrew Smith, the Endless partner who led the investment, said: “Jones is a well-known and loved brand on the UK High Street.
“We recognise that there is a lot of work to be done to transform the company to secure long-term stability for the business and its employees, but we are delighted to be working with the team and can see the opportunities for an exciting future.”