Consultants to oversee administration of men's footwear brand

21 March 2022 Consultancy.uk 2 min. read

UK headquartered footwear brand Steptronic has called in administrators, after its bottom line was hit hard by supply chain issues. Professionals from business advisory firm Kroll will now oversee the process.

Based in Rushden, Northamptonshire, Steptronic Footwear is a footwear brand known for its sheepskin and leather products. Launched in 2009, the brand boasts over 3,000 high street and online outlets as customers, and also sells its footwear directly via its own fully integrated website.

However, along with the wider retail sector, the firm has struggled to bounce back from the economic impacts of the coronavirus crisis. Multiple reports have stated shoe sales were particularly muted during lockdowns – not least because consumers so rarely left the house – and the periods after lockdowns did not see a return to ‘normal’, as few people were socialising or working in offices as consumers didn't need to replace their footwear.

Consultants to oversee administration of men's footwear brand

In its latest available accounts, made up to the end of 2020, the firm made a profit of just over £51,000. Worsening the situation though, as was the case with many businesses, its recovery was further stifled by supply chain issues.

Joint administrators from Kroll noted after being called in that the business had become a victim of supply issues despite being a “highly recognisable internationally in both the wholesale and retail sectors”.

Jimmy Saunders and Michael Lennon, both of Kroll, were appointed joint administrators of Steptronic in mid-March 2022. They are now marketing the business and assets of the company for sale.

Saunders stated, “The retail sector has faced a number of well publicised challenges and coupled with shipping and supplier delays and a legacy balance sheet debt, Steptronic was unable to meet its liabilities. Any prospective buyers for the business are encouraged to come forward as soon as possible.”