Anthony Smith, the chief executive of Shoe Zone, and Charles Smith, the company’s chairman, have increased their stakes in the British footwear retailer by buying the shares owned by Jeremy Sharman, a non‐executive director of the company who has decided to leave the board after holding a seat for nine years.

The aggregate shareholding of the two brothers has increased to 25,239,375 ordinary shares, representing 50.48 percent of the company’s voting rights. Charles Smith and Anthony Smith’s shareholdings represent 22.43 percent and 28.05 percent respectively.

Under the deal, the Sharman Family Pension fund, of which Sharman is a beneficiary, has sold its entire holding of 234,375 ordinary shares via asset swap transactions to Sheepy Magna Investments Limited, an investment vehicle in which Charles Smith has a 50 percent interest, and Slawston Investments Limited, an investment vehicle in which Anthony Smith has a 50 percent stake. The shares were sold at 61 pence (€0.66-$0.78) each on Aug. 26.

Sharman is replaced on the board by Victoria Norrish, who is currently supply chain director at TheWorks.co.uk, a British discount retailer, and has no shares in Shoe Zone.