Co-op Group takes over running of Shoefayre

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...

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&#039s Specialist Retail Division, under the control of the division&#039s 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&#039s 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 &#163 90 million.

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