Hunter unlaces his shoe chain
RETAIL billionaire Sir Tom Hunter has sold his loss-making shoe chain to JJB Sports for the nominal price of £1.
Qube Footwear, which last year recorded pre-tax losses of 6.1 million, has been sold on by Sir Tom's investment vehicle West Coast Capital as part of a portfolio "rationalisation".
It follows the disposal of clothing and footwear chain d2 earlier this year and comes days after Sir Tom agreed to sell his 29 per cent stake in Dobbies Garden Centres to Tesco. He agreed to accept an offer from Tesco of 1200p a share – below the offer tabled by the supermarket giant last year.
Ewan Hunter, for WCC, said: "This continues the rationalisation of our portfolio. We remain committed to the retail and property sectors in the long term."
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