Stead & Simpson sizes up float

BOSSES at Stead & Simpson could be in for multi-million-pound windfalls after news that the shoe shops chain may be about to float on the stock market for about £90m.

Its long-term major shareholder, property company Development Securities, wants to exit the 400-strong chain, which is Britain's third-largest footwear retailer and also operates under the Shoe Express and Famous Footwear fascias.

Stead & Simpson almost doubled profits to £8.9m last year on sales up 7.5% at £140m. A float could see the stake of chairman John Shannon, a former boss of Country Casuals, valued at about £30m.

The stake of chief executive David Lockyer, a former executive at the Clarks shoes empire, would have a value of around £15m while finance director Peter Foot's holding would have a tag of around £9m.

The trio bought out their former backer, venture capital house Apax, last year.