Former M&S director will be chairman
Stead & Simpson, the UK's third-largest shoe retailer, has been bought by its management for£51.4 million.

The deal was backed by the Bank of Scotland, which is said to be taking a minority stake in the company.

Chief executive David Lockyer and finance director Peter Foot, who have fronted the MBO, will plough a significant amount of money back into the company following the sale.

Bank of Scotland director of integrated finance Iain Pirrie said: 'Stead & Simpson is an excellent retail business, which has outperformed in a challenging retail market. We look forward to working with existing management to continue to build their business.'

Former Marks & Spencer director Barry Stevenson will join the board as chairman when the deal has been completed.

Stead & Simpson has an annual turnover of more than£140 million. The group also owns brands Shoe Express, Lilley & Skinner, Famous Footwear and Peter Briggs.

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