Windfall for Schuh staff in buyout

Hundreds of staff at footwear chain Schuh were set for a windfall today after the company was bought by an American retailer in a £125 million deal.

Around 2,310 employees who have worked at the chain for more than three months will share in a £37.3 million payout under the terms of the acquisition.

The staff, whose average age is 21, will receive an average of more than £16,100 depending on how long they have worked at the company.

Two of its founders, Colin Temple and Mark Crutchley, who helped set the company up in Edinburgh 30 years ago, will pocket up to £25 million each if the company meets its targets over the next few years.

A charitable trust, called the Schuh Trust, is to be set up with £7 million from the sale.

Schuh, based in Livingston, sells casual and athletic footwear from 59 stores and 16 concessions. It has been bought by Genesco, which owns US shoe chains including Journeys.