Discount chain expects move to value business at £100m

The Northern Echo: Shoe Zone is to float on the stock market Shoe Zone is to float on the stock market

A DISCOUNT shoe chain has revealed plans to float on the London Stock Exchange.

Shoe Zone says the move is expected to value the business at about £100m.

The firm, founded by brothers Michael and Christopher Smith in 1980, runs 554 stores employing 4,100 workers, including branches in Darlington, Middlesbrough and Bishop Auckland, County Durham.

Bosses plan to float on the Alternative Investment Market.

The sons of one of the founders, chief executive Anthony Smith and chief operating officer Charles Smith, are expected to realise between £40m and £50m from the sale of shares in the listing.

The company, which posted £9.3m pre-tax profits in the year to October 5, sells more than 20 million pairs of shoes a year.

It is the latest retail sector flotation after Pets at Home and Card Factory.

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