GA Europe, a subsidiary of Great American Group, has sold its stake in the British footwear chain Shoon to Ken Bartle and Peter Phillips for an undisclosed amount.
Shoon operates a chain of footwear stores that mainly offer branded shoes for fashion aware women.
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The company also has an online business, which is managed from the head office and distribution facility in Wells, Somerset.
GA Europe took a direct stake in Shoon, when it supported a buy-out by its management team out of administration in May 2012.
Since then, GA Europe has provided funding for working capital, restructured the business by rationalizing stores, helped it exit from non-core clothing business, and developed new channels including concessions.
GA Europe also supported the business by financing the acquisition of concessions in Windsor, Newbury, Northwich and Nantwich.
GA Europe CEO Gavin George said they are pleased that Bartle and Phillips will be supporting Shoon in the next phase of its development.
"We’ve enabled management to re-platform the business and complete the heavy restructuring necessary in the two years post administration. Our investment in, and subsequent exit from Shoon, effectively demonstrates our strategy of backing retail businesses where we can successfully apply our capital and specialist restructuring skills while also leveraging our extensive retail networks," George added.
Bartle and Phillips’ portfolio of footwear retailing businesses also include Stead & Simpson and Gordon Scott.
