// Aldo UK has been bought by a UK investment fund based in Birmingham
// The retailer had filed for administration in June, putting jobs at risk
Aldo’s UK arm has been acquired by a Birmingham-based investment firm, preserving over 700 jobs and protecting over £30m of investment.
The shoes and accessories retailer saw its UK business follow the footsteps of its North American business on June 1 after filing for administration due to the impact of the pandemic.
The UK trade and assets of Aldo UK have now been sold to the Bushell Investment Group (BIG).
READ MORE: Aldo: What went wrong?
Since the appointment of administrators, Aldo said it has successfully traded during a difficult period in which three additional stores have been opened.
Supported by the Aldo Group, the sale to BIG “maintains and strengthens” the Aldo brand within the UK.
Professional services firm RSM were appointed as administrators earlier this year, and have been exploring “future options” for eight Aldo stores in the UK while permanently closing the remaining five.
“Working with the Aldo Group we believe there is a real opportunity to develop this globally recognised brand in the UK,” BIG principal Lee Bushell said.
“This is an exciting opportunity and builds on our recent retail investments.
RSM Restructuring Advisory partner Damian Webb said: “These two transactions illustrate that there is a future for traditional retailers.
“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.”