Shoe Zone suffers after boss walks

THE boss of Shoe Zone quit as the cheap and cheerful high street footwear chain warned on profits, sending shares tumbling.

Nick Davies, who had climbed the ranks to chief executive since he joined in 2003, said he wanted to pursue other business interests. He had been in the top job for three years. Anthony Smith and brother Charles have jumped back in to lead the company.

Shoe Zone, with 500 stores and 3,500 employees, is the most recent iteration of the business, launched in the Eighties. It was founded by brothers Michael and Christopher Smith, who later passed the baton to Michael’s sons Anthony and Charles.

The discount shoe seller floated on the London Stock Exchange five years ago. Yesterday it blamed brutal retail conditions for its profit warning. There was also a considerable freehold property writedown by £3.1m to £5.3m. The shares fell by 31pc to 132p.

Anthony Smith was executive chairman and has reverted to chief executive. Charles, chief operating officer, is now interim executive chairman until a replacement is found, while Jonathan Fearn remains finance chief.