Shoe Zone to float

Discount shoe chain Shoe Zone is to float on the London Stock Exchange in a move valuing the business at around £100 million.

The firm, founded by brothers Michael and Christopher Smith in 1980, runs 554 stores in the UK and Ireland and employs 4,100 staff.

Chief executive Anthony Smith and chief operating officer Charles Smith, are expected to realise between £40m and £50m from the sale of shares in the listing.

Shoe Zone, which sells more than 20m pairs of shoes a year, posted pre-tax profits of £9.3m in the year to October 5.