Footwear retailer Pavers steps in to save Barratts

Pavers has made a last-minute offered to step in and

 purchase footwear retailer Barratts after the company fell into administration again for the third time in four years. Barratts had appointed Duff & Phelps last month as administrators, who were in charge of reviewing the Leeds-based retailer current financial position, as well as searching for a potential buyer for the business.

Now it seems to be that Pavers, who is being advised by accountancy firm Ernst & Young, has put in an offer of more than 5 million pounds to purchase the company, according to The Telegraph.

The company reportedly is eager to make a deal soon so it can take on Barratts current stock and staff, rather than closed down shops. Barrats previously announced that it would be closing down 19 stores, including locations in Hull and Manchester. However if Barratts closes too many stores, reports The Telegraph, Pavers may not be interested in purchasing all its retail estate.

York-based Pavers is currently expanding in India, where is has positioned itself as a luxury footwear retailer by offering exclusive British brands throughout the country. Pavers announced in October plans to open another 120 stores and 280 concession stands throughout India, in addition to its existing stores. The footwear retailer was the first foreign retailer who was granted permission to set up 100 percent owned stores in the country last year.