Value footwear retailer Shoe Zone has confirmed plans to list on the London Stock Exchange next month, in a move that is expected to value the company at £100m.
The company, which has 554 stores and employs 4,100 employees across the UK and Ireland, is seeking to raise up to £50m in an IPO on the Alternative Investment Market (Aim) in May.
Shoe Zone will offer institutional investors between 40% and 50% of the business.
Anthony Smith, chief executive of Shoe Zone, said the company was well placed to benefit from growth in the UK footwear market.
He added: “We have a robust track record of consistent and profitable growth with a cash generative business model which we expect will deliver an attractive yield for investors. I am confident and excited about our future as we embark on the next stage of our development.”
In the year to October 5 2013 the business generated sales of £193.9m up from £189.4m in 2012. Profit before tax was £9.3m in 2013, a 66.1% increase year-on-year.
Shoe Zone has also appointed a new non-executive chairman and non-executive director ahead of the listing.
Ian Filby, who is currently chief executive of DFS Furniture Company, will join the retailer’s board as non-executive chairman and Charlie Caminada will join as a non-executive director. Caminada has over 20 years’ experience of brand building for entertainment, media and retail organisations and he currently holds the role of non-executive director at toy company Hornby Hobbies.