Leicester shoe retailer set to bid for Brantano

Leicester-based Shoe Zone is set to bid for ailing rival footwear brand Brantano, according to reports.

Listed Shoe Zone is up against Edinburgh Woollen Mill to buy Brantano at some point over the next week, according to Sky News.

Shoe Zone saw revenues reduce but profits increase slightly for the year-ending 1 October 2016.

Sales dropped by 4.2% to £159.8m over the year, but profits before tax rose by 1.1% from £10.1m in 2015 to £10.3m last year.

Brantano is owned by private equity firm Alteri which last week filed a notice of intention to out the firm into administration – just after it had made the same move with sister firm Jones Bootmaker.

PwC is overseeing the sale of Brantano. Alteri bought Brantano – along with Jones Bootmaker – in 2015.