The sale was secured after the appointment of Simon Granger and Chad Griffin of FTI Consulting as joint administrators.
Faith was put into administration after the shoe company’s bankers Barclays declined a debt-for-equity swap offer from Bridgepoint, and opted to put the struggling business up for sale instead.
Prior to the talks with Barclays, Bridgepoint had already injected an additional £15m of equity into the flagging retailer, which it acquired in a £64m (€80m) buyout from the founder’s son, Jonathan Faith.
The sale to Kinnaird will allow the business to continue operating, protecting the Faith brand and 2,000 jobs. Barclays will continue to hold a minority stake as part of the deal and will supply working capital facilities alongside Agilo. Under the terms of the agreement, Faith will be combined with men’s clothing firm Envy, currently owned by Kinnaird and teenage fashion business Chilli Pepper, owned by Agilo.
The new business will have around 140 stores across the UK, as well as over 200 concessions in the UK and Continental Europe.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.