Endless buys Jones Bootmaker from Alteri

The transaction will allow 72 stores and the head office to continue to operate as normal, saving 800 jobs in the process. However according to a press release from KPMG, which handled the sales process for the company, 25 stores will have to close immediately and six concessions are not involved in the sale. This will result in the loss of approximately 262 jobs.

The acquisition was completed in nine days from the initial indicative offer. The value of the deal has not been disclosed, but earlier press reports valued the transaction at around £10.5m.

Endless is currently investing from its fourth fund, which held a final close in December 2014. It comes shortly after the GP acquired Scottish luxury toiletries company Arran Aromatics from administrators and the carpet and flooring division of listed building products company SIG.

Previous funding
Alteri acquired Jones from Dutch retail group Macintosh in October 2015.

Company
Founded in Bayswater in 1857, Jones is now headquartered in London and up until recently had 120 branches in the UK. The company is a footwear and other fashion accessories retailer with online as well as high street operations.

People
Endless – Andrew Smith (partner), Michael Rice (associate director), Indra Harrison (investment director), Stefan Nowakowski, Paul Denvers (investment managers).

Advisers
Company – KPMG, London, Will Wright; Steve Absolom; Blair Nimmo (administrators).

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