Aldo UK acquired out of administration
The UK arm of footwear retailer Aldo has been acquired out of administration by Birmingham based Bushell Investment Group. The move has saved 55 jobs.
Aldo UK entered administration in May after its Canadian parent company filed for bankruptcy protection. At the time, insolvency specialist RSM was appointed as administrator and said it would be considering the future of retailer’s remaining eight stores after five shops were permanently closed.
Since then the business has continued to trade and opened three additional stores.
Lee Bushell, the principal of Bushell Investment Group, said: “This is an exciting opportunity and builds on our recent retail investments. Working with the Aldo Group we believe there is a real opportunity to develop this globally recognised brand in the UK.”
Damian Webb, partner at RSM Restructuring Advisory, said the transaction highlighted how there is a future for traditional retailers. He added: “Although trading is difficult it is clear that if parties work closely with their stakeholders it is possible to secure a successful outcome which benefits all parties.”
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