Kinnaird snaps up fashion retailer
Entrepreneur John Kinnaird, through his acquisition vehicle Hamsard 3032, has bought shoe chain Dolcis from retailer Alexon for£2.7 million cash.

Retail Week exclusively revealed last week that the Scottish businessman was the frontrunner. Kinnaird made his name and fortune as retail director of Sir Tom Hunter's Sports Division.

Hamsard 3032 will also pay Alexon a further£300,000 on the sale of certain Dolcis properties to third parties.

According to footwear industry sources, the deal was 'way off the original£15 million price tag' because of poor trading, overstocks, high rents and under-invested stores.

In the six months to July 29, Dolcis made an operating loss of£2.4 million, with gross assets of£20.3 million and net assets of£5.1 million.

According to Alexon, Dolcis sales and margins have continued to decline in the second half of the year.

Kinnaird, who ran and part-owned Warner Bros Studio Stores until it went into administration in 2004, lost out to Sports World boss Mike Ashley on a deal to buy Original Shoe Company earlier this year.

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