Shuropody has received a “substantial investment” from an unnamed backer.
The troubled foot clinic and comfort footwear retailer is now jointly owned by managing director Mark Pinnock and the new investor.
Pinnock told Drapers the store estate would be refurbished in 2019 and the business plans on opening 20 new shops over the next three years.
Shuropody has 44 stores across the UK.
Pinnock said: “With this additional investment we will be able to realise our ambition to become the leading footcare provider in the UK. We will be refurbishing part of our existing estate and opening new stores across the country.”
Last month the business filed a notice of intention to appoint administrators. However, it is understood that administrators were not appointed.
In June Shuropody entered into a company voluntary arrangement (CVA) for the second time in just over a year. It filed notice of a CVA in April 2017.