Faith Shoes, the high-street chain with 85 stores across the UK, is being bought by the Scottish entrepreneur John Kinnaird in partnership with an investment fund Agilo, which targets ailing companies. Faith Shoes was put up for auction due to serious financial difficulties. The buy out could save up to 2,000 jobs.

Though the details are being worked out before takeover announcement, a source reported that it was “a done deal” that would save 2,000 employees from losing their jobs as they would get transferred to the new owners Mr. Kinnaird, who won the auction on best price and fit, would most likely be merging the business with Envy, his clothing firm, and Chilli Pepper, the Agilo’s teenage girl’s fashion brand.

Mr. Kinnaird is the former owner of Dolcis Shoes, which was backed by private equity Epic, which parted company during difficult times for the shoe retailers. Faith Shoes was owned by a private equity group Bridgepoint Capital, which bought it in 2004 from the son of founder Samuel Faith for £64m. Samuel had launched Faith in 1964.

Bridgepoint ran into funding problems after injecting £15m of working capital in Faith Shoes. Bridgepoint sought another £8m injection from Barclays Bank which held Faith’s debt. Talks failed and the bank seeing no other option, put it into administration and organised the auction.

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