Shoe company sold at massive loss

Loss-making shoe retailer Dolcis was sold today for a fraction of the price its owner paid for the business seven years ago.

Alexon, which owns Bay Trading and brands such as Ann Harvey, will receive £2.7m (€4m) following the deal involving retail entrepreneur John Kinnaird.

The former Sports Division director is among a group of investors preparing to take on the business, which in the summer traded from 67 UK shops and 132 concessions.

It made half-year losses of £2.4m (€3.6m) in the summer, but Alexon said sales and margins continued to decline since then. It said the disposal of the business would enable management to better focus on its remaining operations.