The footwear retailer Barratts has entered administration despite efforts to secure refinancing and additional equity for the business.

Barratts which currently operates 75 stores and 23 concessions across the UK and Ireland has 1,035 people working for its business.

Philip Duffy and David Whitehouse of Duff & Phelps, were appointed as joint administrators on Friday afternoon to review the company’s financial position. The administrators said they could not rule out any redundancies or store closures at this current time.

Philip Duffy said: “Difficult trading conditions in the sector led the directors to explore potential refinancing options and additional equity for the business. The company had recently received an offer from an investor to inject £5 million into the company but that offer was withdrawn on the evening of the 7 November. In view of the financial position of the company and withdrawal of that equity offer the Directors were left with no choice but to appoint administrators.”

The retailer had gone into administration before in December 2011 but was saved in January 2012 after the existing management team managed to reach a deal with administrators and buy 89 stores and the company's online business.