Shoe retailer walks into new business venture
York-headquartered shoe retailer, Pavers, has announced the acquisition of Herring Shoes, a premium online shoe retailer based in Devon.
Pavers, which in its most recent accounts posted pre-tax profits of £8.2m on a turnover of £83m, became the legal owner of Herring Shoes on 11 July.
Stuart Paver, managing director at Pavers, said: “Herring Shoes is an incredibly successful business and has focused on internet and international sales. The business has been family owned since 1966 and operates with many of the same values as we do here at Pavers.
“These similarities made the acquisition incredibly appealing to us. It allowed us to break into new areas of the footwear market while staying true to our own family values and high standards of customer service.
“Herring Shoes will be run separately to Pavers allowing it to continue its exciting growth trajectory via online both in the UK and abroad. The existing Herring team will continue to operate the business from Devon – the only difference is they are now part of the Pavers family.”
Adrian Herring, who remains in the business as chair of the Board, added: “At Herring we are passionate about our shoes. We think we offer the finest range of high quality English handmade welted footwear anywhere online, or the high street. But at heart we are still that same family business dedicated to excellent customer service, and of course beautiful shoes.
“Shoes are not only our business, they are our passion – and being a part of Pavers means the Herring brand is secure with the same values and passion.
“It is these shared ethics that marry Herring and Pavers so well and makes us very excited for the future of the business.”
A team from Gordons, led by corporate partner Duncan Firman, provided Pavers with legal advice on the transaction. Financial and tax advice to Pavers was provided by a BHP Corporate Finance team, led by David Forrest and Declan Savage.
