Jones Bootmaker sold to Macintosh

One of the high street's oldest shoe shop chains has been snapped up by a Dutch retail giant after a five-month sale process, landing its owners a £40m payday. Jones Bootmaker, which can trace its roots back over 150 years, yesterday confirmed that it had agreed to a takeover by Macintosh Retail Group.

The current chairman, Peter Phillips, and chief executive, Ken Bartle, bought more than 70 per cent of the business in 2009 after the Icelandic private equity group Arev fell into difficulties. they ploughed £4.5m into the business to turn it around. The pair will step down.

Macintosh owns the Brantano chain, which it bought in 2008. With Jones Bootmaker, the Dutch group will become the third largest shoe specialist in the UK.

Alfred Jones and his wife Emma set up A. Jones & Sons in 1857.