Endless has sold UK-based footwear retailer Jones Bootmaker to Pavers Limited. No financial terms were disclosed.
Pavers Limited has confirmed the acquisition of Jones Bootmaker from Endless. The deal includes 42 out of the 47 Jones Bootmaker stores, jonesbootmaker.com and the Jones brand, safeguarding the jobs of 389 employees, but excludes the Head Office and five stores.
Endless purchased the business and assets from Administrators ten months earlier in an attempt to save as much of the business as possible and retain Jones Bootmaker as an independent operator. Despite substantial investment and best efforts, the recent adverse retail conditions have meant that the Jones business could not be turned around and needed to be part of a larger Group.
An Endless spokesman said:
“Jones Bootmaker is a well-established retailer with a strong heritage and brand. We are pleased to have been able to save 389 jobs and ultimately transfer 42 of the 47 store estate to a strong family business and wish the business well. Unfortunately, we were unable to secure a sale of business that retained the Head Office.”
Stuart Paver, Managing Director of Pavers said:
“All of us at Pavers are happy to be able to secure the future of hundreds of loyal employees and welcome them into the Pavers family. The Jones stores and people are a huge asset to Pavers and we look forward to developing the business, and the people, over the decades to come.
Pavers is an independent family business, as Jones used to be, and we want to re-establish these traditional family values, returning the focus at Jones to exceptional product and friendly customer service – hallmarks of what we try so hard to achieve at Pavers.
Our plan is to grow and develop the Jones Bootmaker brand and product as a distinct offering separate from the existing Pavers retail business. We believe the Jones brand has an exciting future and are eager to invest in this.”
Endless LLP is a UK based transformational private equity investor. Endless looks to support buyouts, non-core acquisitions from larger groups, turnarounds and financial restructurings.
Pavers is one of the UK and Ireland’s leading footwear retailers, with more than 130 stores, 1,300 employees, and dedicated e-commerce, catalogue, and TV operations (www.pavers.co.uk / Sky TV Channel 669). Based in York, Pavers has grown continuously since Catherine Paver, the visionary founder who worked full-time in the business until the age of 88, founded it in 1971.
Pavers was assisted by Gordons Solicitors and BHP Cloughs during the acquisition. Endless was assisted by EY and Addleshaw Goddard.