Doncaster-based high-street retailer of high-end shoes Hobson and Bates has been successfully sold after it was placed into administration following a failed company voluntary arrangement.
Two sites, at Bawtry and Newark, remain open. A third, in Grantham, closed following a restructure by insolvency practitioners SFP.
Administrator Simon Plant said: “Hobson and Bates Shoes was a successful and established business, with a quality product. Despite arranging a CVA, the company continued to struggle as the market remained relatively flat. Thankfully however, following the restructure, a buyer of the business and assets was found and the majority of the jobs have been saved.”
The family business was launched in the 1980s and was successful for decades. But in the global recession it was hit by reduced supplier credit terms, and a decline in demand for luxury footwear. A CVA was sought last June, however problems continued and the firm received further advice in February, resulting in the restructure. Simon Plant said retail remained a tough sector.