Stylo chairman and chief executive Michael Ziff is reported to be working on a rescue deal to buy back 200 Barratts and Priceless stores from administrators Deloitte.
The Sunday Times said that Ziff was in detailed talks with Deloitte after creditors voted against a Company Voluntary Arrangement proposal last week. Hammerson, one of Stylo’s landlords, is believed to have led a rebellion of landlords against the proposals.
Although Ziff is favourite to complete a deal (the Ziff family controlled 65% of Stylo before it went into administration), sources said that Anthony Smith, the chief executive of Shoe Zone, which rescued Stead & Simpson from administration last year, was also likely to be looking closely at Barratts and Priceless stores. Smith has led the consolidation of the value footwear sector, buying up Shoefayre from the Co-op in 2007, followed by Stead & Simpson last year.
He now controls around 825 stores.
Ziff was unavailable for comment. Smith could not be contacted at the time of writing.