Jones Bootmaker sold to Macintosh
02 February 2011 09:25
Jones Bootmaker, one of the oldest brands on the UK high street, has been sold to Dutch retail giant Macintosh Retail Group.
The deal, for around £40 million, will ensure an excellent payday for current chairman, Peter Phillips, and chief executive, Ken Bartle, who acquired more than 70% of the business in 2009.
The pair bought the chain after Icelandic private equity group Arev fell into difficulties and subsequently ploughed £4.5 million into the firm to turn it around. They will both step down from the business.
Macintosh owns the Brantano chain, which operates 150 stores across the UK and which it bought in 2008. Jones has 93 shops in and around London. The acquisition will create a shoe retailer with a UK market share of 4%.
"We are very pleased to have sold the business to such an impressive company" Mr Phillips said to The Sunday Telegraph. "Macintosh Retail Group not only has a proven track record in the footwear business but has big ambitions for growth that will take Jones Bootmaker on the next chapter in its history."
Jones is planning to open 15 more stores in the UK over the next three years and launch a new website.
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