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Pavers eyes up Barratts buy out
A RESCUE for troubled shoe retailer Barratts could be on the cards as York-based Pavers steps in to buy its rival out of administration.
It is understood that Pavers has put in an offer to buy part of the Barratts business, which fell into administration last month for the third time in four years.
At the time of going into administration Bradford-based Barratts, which has a shop in Feasgate in York, operated from 75 stores and 23 concessions across the UK and Ireland employing 1,035 staff.
The business collapsed after a £5 million investment deal with investors fell through.
It has been reported that over the weekend Pavers, based at Northminster Business Park, put in final offer for the business in excess of £5 million.
Pavers has continued to grow since being founded in 1971 by Cathie Paver.
Earlier this month the family firm opened its 100th UK shop in the London Designer Outlet, while last year it became the first foreign single-brand retailer to be allowed to set up wholly owned stores in India.
Pavers started selling its shoes in India in April 2008 when it set up a joint venture called Pavers England with London-based Indian entrepreneur Ravi Mehotra's billion-dollar Foresight Group.
Pavers England put a multi million pound investment proposal to the Indian government, which was been approved after six months' deliberation.
The York business beat huge companies like Ikea, American clothing business Brook Brothers and watchmaker Fossil to cement the world first after the Indian government decided to ease its restrictions on foreign direct investment, which banned foreign retailers from owning more than 51 per cent of their shops.
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