Confident Shoe Zone execs increase stakes in budget retailer
Just how confident directors are can often be judged by how many shares they’re buying in their own businesses. And both the chief executive and chairman of Shoe Zone have bought a further £1.3 million worth of shares in the footwear retailer.
CEO Anthony Smith and chairman Charles Smith have acquired an additional 1,610,876 ordinary shares.
Sheepy Magna Investments, an investment vehicle in which Charles Smith has a 50% interest, acquired 720,156 ordinary shares, while Slawston Investments, in which Anthony Smith has a 50% interest, has also acquired 900,720 ordinary shares.
The deals takes their shareholding interests in Shoe Zone to 23.87% and 29.85% respectively.
The positive move comes despite Shoe Zone reporting a loss of £2.6 million for the six months to 3 April on the back of revenues slumping by over 30% to £40 million as the company and the footwear sector struggled during the pandemic.
But the budget shoe retailer also said remains cautiously upbeat and noted the last 12 months has proved the value of its move to a stronger focus on digital. The company also said it enters the second half with the hope that it has seen the worst of the pandemic impact.
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