Footwear retailer Schuh has secured a refinancing package from Lloyds Banking Group to buy out shares from two retiring shareholders and fund expansion plans.

The undisclosed sum will help Schuh buy out shares from operations director Tom Lynch and personnel director Lyn Ferguson, who both held 22.5% of the shares. Both have worked for Schuh for 15 years.

As a result of the departures, managing director Colin Temple and finance director Mark Crutchley have both increased their share of the business from 22.5% to 37.5% each. The remaining 25% will be held by other members of staff.

The management team has also been bolstered. Head of store operations Phil Whittle, head of merchandising Mark Doherty, head of logistics Rob Bridle, head of finance and personnel David Reid and head of ecommerce and customer services Sean McKee have joined the management team. The existing management team comprises Temple, Crutchley, IT director Kenny Ball and buying and marketing director David Spencer.

Crutchley said the new members of the management team would help “shape the strategy of the business”.

He said the refinancing would help Schuh to open three to four stores over the next three to five years. It currently has 59 stores in the UK and the Republic of Ireland and will use the funds to refurbish existing stores following the launch of a new concept store at Sheffield’s Meadowhall last month and invest in its online operation.

Schuh has to repay the amount raised back by 2015. In 2008 it completed a £36m refinancing package to help fund expansion of the chain. The funding was provided by Bank of Scotland, which was acquired by Lloyds in 2009.