UK shoe shop chain sold for £50m
One of the UK’s oldest shoe shops was under new ownership today after its management team agreed a £50m (€73m) buyout.
The deal for Leicester-based Stead & Simpson, which was founded in 1834 and has more than 400 outlets in the UK, ended a nine-month sale process after it began a strategic review in March.
The buyout led by chief executive David Lockyer and finance director Peter Foot marks the end of the involvement of investor Development Securities, which bought into the business in the 1980s.
