Shoe Zone set to float on London Stock Exchange

Discount footwear chain Shoe Zone has announced plans to float on the London Stock Exchange.

The initial public offering (IPO) is expected to raise up to £50m and value the firm at about £100m.

The chain, which runs 554 shops and employs more than 4,000 people, said it would list between 40% and 50% of its share capital on London's AIM market.

Its IPO, due in May, will be the latest in a string of retail listings in recent months.

Last week, cafe chain Patisserie Valerie and greetings card retailer Card Factory both announced plans to float their shares, while Poundland and Pets at Home listed on the market earlier this year.

Shoe Zone's chief executive, Anthony Smith, said: "We have a robust track record of consistent and profitable growth with a cash generative business model which we expect will deliver an attractive yield for investors."

The company made pre-tax profits of £9.3m in the year ending 5 October, marking a 66% increase on the previous 12 months. Its revenues over the same period were £193.9m.