Mon, 31 Jan 2011 | BUSINESS SALE
A Dutch firm is to acquire one of the oldest high-street brands in the country, Jones Bootmaker.
Macintosh Retail Group, based in Maastricht, has purchased the shoe and boot company - which has over 80 branches across the UK - for £40 million.
According to the Sunday Telegraph, the Macintosh Retail Group plans to combine its own shoe chain, Brantano, with Jones Bootmaker, which has been trading since 1857.
Peter Phillips, Jones's chairman, and Ken Bartle, the firm's chief executive, will leave their roles following the finalisation of the deal, which is expected to happen in April. The other managers will stay on.
Phillips and Bartle owned 70 per cent of Jones Bootmaker, along with a group of private investors. They will now share the majority of the Macintosh windfall.
Despite having a new owner, Jones Bootmaker will keep its brand name and will also open another 15 branches across the country before 2015. It also has plans to launch a new website in a bid to boost online sales.
Gareth Iley, director at Clearwater, the firm which advised Macintosh Retail Group on the acquisition, said, “The retail industry has faced significant challenges over recent months, but this transaction shows that quality businesses in the sector can prove to be attractive acquisition targets.
“Further consolidation in the retail industry is likely to follow in 2011, particularly as overseas buyers look to secure a foothold in the UK,” he added.
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