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Harvey Jacobson buys 25 Famous Footwear stores

Footwear tycoon Harvey Jacobson has bought 25 Famous Footwear outlet stores from Stead and Simpson for an undisclosed sum.

The Jacobson Group, a supplier historically, will use the outlets to clear excess stock. The group made the acquisition via a newly created vehicle called Jacobson Ventures.

Harvey Jacobson said the purchase was a step forward in the development of his footwear interests: "The Famous Footwear stores provide an opportunity to clear any excess stock without harming our brands and to profile our brands more prominently in these outlets without competing with our existing trade customers."

The disposal of the Famous Footwear stores allows Stead and Simpson to streamline the business under tough trading conditions.

Clearwater Corporate Finance advised on the deal.

The Jacobson Group owns footwear brands including Gola, Lotus, Frank Wright and Ravel.

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