Ken Bartle and Peter Phillips, who are respectively the chief executive and chairman, of Jones Bootmaker, are said to be looking for a new owner for the British footwear retail chain. They reportedly want £40 million to £50 million (€48.1m to €60.1m-$61.6m to $77.0m) for the 93-shop chain. The accounting firm BDO will handle any sale.
Bartle and Phillips own more than 70 percent of Jones Bootmaker along with a group of unnamed investors. In March, they invested £4.5 million (€5.4m-$6.9m) into the chain to regain control from Arev, the private equity firm, and its Iceland-based investment fund, Kcaj.
Jones Bootmaker had an operating profit before amortization (Ebitda) of £4 million (€4.8m-$6.2m) for the year ended last Jan. 30, nearly triple that of the previous year, a boost partly attributed to a stronger focus on branded products. For this year Ebitda could reach £6 million (€7.2m-$9.2m).
For this autumn the company revamping its website, hoping that online sales will reach £5 million (€6.0m-$7.7m) next year, double the previous figure. It also plans to open five stores in 2010.