Hunter's well shod after Office sale

Hunter bought the retailer through his investment vehicle, West Coast Capital, for about 15m in 2003.

Yesterday's agreement with Silverfleet Capital was for an undisclosed sum but sources close to the deal said the European private equity house paid close to 150m - leaving the tycoon pocketing 135m.

The deal is the second windfall for Hunter this week after Wood Group's surprise 607m takeover of rival energy services company Production Services Network (PSN) - in which West Coast Capital held a significant stake.

It is believed Hunter will pocket more than 30m from the PSN deal when it completes, which has fuelled speculation that the tycoon may return to the acquisition trail now that he has an assured war chest behind him.

The two deals will also make up for losses during the recession - Hunter had to write off about 35m from his exposure to the housebuilder Crest Nicholson while he was left 30m lighter when lenders took control of McCarthy & Stone.

Office had only 23 stores when it was bought by West Coast Capital seven years ago but it has since expanded to 75 high street outlets and 46 concessions in other shops such as House of Fraser and Harvey Nichols.

Hunter said of the Office deal: "Having held Office for seven years and grown it to become the dominant UK fashion footwear business it was appropriate to sell to Silverfleet Capital to oversee the next phase of growth. Brian (McCluskey] and the management team have done an outstanding job."

McCluskey, chief executive of the shoe chain, will remain in post following the deal's completion. Under the agreement, the management team has also taken an undisclosed stake in the firm.

McCluskey said: "The past seven years have been rewarding; the next seven should yield continuing opportunity as we look to further UK and potentially international expansion."