FEC Holdings Limited and Faith Shoe Group Limited - Mazars - United Kingdom

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David Herbinet

FEC Holdings Limited and Faith Shoe Group Limited

FEC Holdings Limited and its principal trading company Faith Shoe Group Limited entered administration today on 22 April 2010. Heath Sinclair, Rod Weston and Mike Wellard of the London office of international accountancy firm Mazars have been appointed as joint administrators.

22/04/2010

The business has been marketed for sale for a number of weeks, however, once it became apparent that achieving a solvent sale was not possible, the Directors took the necessary steps to appoint administrators.

The administrators hope to take forward the existing sales process and are currently actively liaising with those parties who have expressed an interest in acquiring the business.

Heath Sinclair commented "We are currently liaising with interested parties in attempt to facilitate a going concern sale. We will be working closely with the businesses’ stakeholders in an effort to preserve a well known retail brand. We are in the process of communicating with all staff, concession partners and suppliers, and will seek to keep them updated as the process develops."

Faith Shoes Group, which was in 1964, specialises in women’s trend-led young fashion footwear and accessories. The company employs 362 full time staff and 1382 part time staff. It operates 78 stand-alone stores and 120 concessions.

Following financial difficulties the current management team took control of Faith in 2008. Despite extensive restructuring, it became apparent the business remained significantly over-leveraged and as a result steps were taken recently to market the business for sale.