The headquarters of a Bradford-based shoe retailing group have been renamed to reflect a new direction for the company after it was rescued when directors bought it back from administrators.

The Lord Mayor of Bradford, Coun Peter Hill, accompanied by the Lady Mayoress Gillian Hill, cut a ceremonial ribbon to rename the Apperley Bridge base of Barratts Priceless Limited.

The premises, previously known as Stylo House, have now been renamed BPL House.

Michael Ziff, chief executive of BPL Shoes, said: “Renaming BPL’s head office was a significant move for everyone in the business and was a key component in reiterating the company’s position.

“Unifying both the Barratts and Priceless brands under the BPL umbrella, whilst allowing them to retain their own distinct trading styles, has allowed the business to connect to a single entity, and the values and goals that it carries.”

In 2009 Mr Ziff and his family used their own money to buy back a large chunk of the former Stylo business in a move that was expected to save about 3,000 jobs across the UK after the business went into administration.

The failure of the original business to secure a company voluntary arrangement that would have enabled it to renegotiate rents with landlords led to the closure of about 220 stores and the loss of about 2,500 jobs.

Mr Ziff and fellow directors including his brother Edward, chief executive of property group Town Centre Securities, took ownership of 160 Barratt and PriceLess shops and another 165 concessions in stores operated by groups including Arcadia and the Co-op.

It meant that two PriceLess stores at Greengates and in Bradford city centre were among those kept open.

The family have run the shoe retailing business since 1935.