Footwear manufacturer Stead and Simpson are pleased to announce that a management buyout of the business funded through an integrated finance package provided by Bank of Scotland Corporate was completed on 22 December 2005.
David Lockyer, Chief Executive, Peter Foot, Finance Director and Cyril Freedman will remain as Directors of Stead and Simpson and have been joined on the Board by Roger Parr, Buying & Merchandising Director, and Barry Stevenson, former Director of Marks & Spencer who joins the board as Chairman.
The transaction delivers a complete exit for retiring Chairman, John Shannon, and Development Securities.
The new funding package is a long-term investment and will give the business a sound footing on which to continue the successful development witnessed in recent years.
Leicester based footwear retailer Stead & Simpson business has continued to grow and by 2004 there were over 400 stores nationwide. Acquisitions have played a significant role in the growth of the business. Shoe Express and Famous Footwear were acquired in 1998, and Peter Briggs in 1999.