A high-end London shoe brand has been announced as the new owner of Derby’s historic Bennetts department store.
London Sole has been revealed as the new owner of the business, which can trace its roots back to 1734.
Bennetts, which is believed to be the oldest department store in the world, had been in administration since February after struggling with competition from online, weaker consumer confidence and rising costs.
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Since then, the Iron Gate store has continued to operate as a going concern while a buyer was found.
In April, joint administrators Bridgewood revealed that a sale of the Bennetts name and all assets in the Iron Gate store had been agreed, subject to contract.
However, at the time, it said that it could not reveal the identity of the buyer until the sale had been completed.
Now, following the completion of the deal today, it has announced London Sole as the new owner.
London Sole is part of a group of companies owned by Charles James Associates whose other business interests include French Sole, a well-known British shoe brand.
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David Howick, director of London Sole, said: “We are delighted to take ownership of the iconic Bennetts store in Iron Gate and are proud to have acquired the store with its wealth of history and tradition.
“We are keen to revive and develop the store while ensuring everything that is loved about the Bennetts brand remains intact.”
Joint administrator Paul Mallatratt said: “We are very pleased to have achieved a sale of the business in such challenging economic conditions and to be able to hand over the business to new long-term owners, who wish to ensure the iconic Bennetts brand continues to have a strong presence in Iron Gate.
“We look forward to seeing how Bennetts develops over the coming months and would again like to thank the public and staff for their continued support during the administration process.”
As well as a store in Iron Gate, Bennetts also had an outlet in Ashbourne. However, a buyer could not be found for that store, which has since closed down.