THE FAMILY behind discount footwear chain Shoe Zone will take home around £36m when the firm launches on London’s junior stock market this week.
Shoe Zone has priced its shares at 160p, giving it a value of around £80m when it starts trading on the Alternative Investment Market on Friday. It was initially looking at a £100m valuation.
The retailer’s sole shareholder is Shoe Zone Group, which is controlled by the Smith family. It will sell 22.5m shares, leaving the group with a free float of 44.5 per cent. It is not raising new money in the placing.
The group, which has 554 shops, was bought by Michael Smith and his brother Christopher in 1980. It is run by Michael’s sons Anthony and Charles.