The shoe retailer Stead & Simpson, which has traditionally traded in market towns, has been polishing up its image since it appointed chief executive David Lockyer in 1997. The company, which also trades as Shoe Express, Famous Footwear and Peter Briggs, has closed 110 unprofitable stores and is investing £1.5m a year on refitting existing outlets. Sales in refurbished stores have risen 30% over the past two years. Profits grew 70% a year from £1.2m in 2000 to £5.9m in 2003, when management paid £3m for Apax Partners’ stake in the business.
This profile reflects the company at time of publication and does not reflect any changes that may have subsequently occurred. Fast Track and its sponsors do not endorse, guarantee or recommend investment in any of the companies.