The U.K. arm of the Canadian footwear retailer Aldo Group has been acquired by Bushell Investment Group (BIG), which is based in Birmingham, England. BIG indicated that the acquisition, for which financial details were not released, will preserve 150 jobs and lead to the creation of an additional 50 roles across the business over the next 12 months. BIG, whose portfolio includes high street hair salon brands Regis and Supercuts, said that the acquisition builds on its retail sector experience and will help further diversify its portfolio.
Aldo U.K. was placed into administration in May after its Canadian parent company declared bankruptcy. Since then it has “successfully traded in a difficult period” in which three additional stores have been opened, said the accountancy firm RSM, which is acting as Aldo U.K.’s administrator. Damian Webb, partner at RSM, added the transaction shows “there is a future for traditional retailers.”