Member Article

Barratts under administration after £5 million investment falls through

Bradford-based high street retailers Barratts have been forced to go into administration putting over 1,035 jobs potentially at risk, 521 of which are part-time.

First established in 1903, Barratts called in Deloitte as administrators in January 2009, December 2011, and January 2012 after online and international competition proved too much.

The Joint Administrators, Philip Duffy and Paul Whitehouse, are reviewing the Company’s financial position whilst seeking a going concern sale of the business.

Philip Duffy of Duff & Phelps 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“The Company had recently received an offer from an investor to inject £5million into the Company but that offer was withdrawn on the evening of the 7th November.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.”

This was posted in Bdaily's Members' News section by Clare Burnett .