Kingston Smith administrator saves 153 jobs
Administrator sells family business back to management
A KINGSTON SMITH ADMINISTRATOR has managed to save more than 150 jobs by securing the sale of family-owned retailer Shoon.
Ian Robert, insolvency partner at Kingston Smith & Partners, was named administrator on 6 February.
The best offer came from the existing management with investment support from retail restructuring specialists GA Europe.
Robert said: “After marketing the business we received a number of offers, the strongest of which was from the company’s existing management supported by restructuring specialist GA Europe, whose industry knowledge I hope will be a real asset in leading Shoon towards a bright future.”
“I am pleased that this deal has helped preserve over 150 jobs in both the stores and head office in Wells, whilst ensuring the survival of a long established retail brand.”
The family run footwear retailer will continue to operate its 11 stores in Bath, Brighton, Cheltenham, Epsom, Guildford, Kingston-upon-Thames, Reading, Salisbury, St Albans, Tunbridge Wells and Winchester.
