Sale offers Jones owners a windfall

The owners of footwear chain Jones Bootmaker are in line for a £40 million windfall after selling the company to Macintosh Retail.

The Jones business, which has 93 branches in the UK, is to be combined with the 150-strong Brantano chain, bought by Amsterdam-listed Macintosh in 2008. The deal will see Peter Phillips, chairman of Jones, and its chief executive, Ken Bartle, step down from their roles.

Around 15 new Jones stores are to be opened in the UK over the next three years, while a website is being launched to boost online sales.