THE Co-operative Group is to take direct management control of the co-operative-owned high street footwear retailer, Shoefayre.
The Group is the majority shareholder in the business, in which a number of other retail societies also have a stake.
As a result of changes in ownership – which are subject to ratification at a special general meeting in Manchester on March 2nd – Shoefayre will become part of the Co-operative Group's Specialist Retail Division, under the control of the division's chief executive, Yvonne Rankin. Ian Hill continues as managing director of Shoefayre and will now report to Mrs Rankin.
United Co-operatives, Midlands Co-op and Lincolnshire Co-op will remain as minority shareholders, but the shares previously held by Plymouth & South West Co-op, Scotmid, Ipswich & Norwich Society, Oxford, Swindon & Gloucester Co-op and the Sheffield and West Midlands societies are being transferred to the Co-operative Group.
Said Mrs Rankin: `This is a sensible and timely move for everyone involved in Shoefayre's development. As an integral part of the Co-operative Group, it will be able to draw on our commercial focus in developing a clear vision and strategy for the business moving forward.`
Shoefayre has 300 outlets across the UK, employs more than 2,500 people and has annual sales of almost £ 90 million.
In this article
- British co-operative movement
- chief executive
- Company Employees Number
- Consumers' cooperative
- Economy of the United Kingdom
- majority shareholder
- Midlands Co-operative Society
- Musselburgh and Fisherrow Co-operative Society
- Social Issues
- The Co-operative brand
- The Co-operative Group
- United Co-operatives
- Yvonne Rankin