Kurt Geiger shoe chain staff are in for a cash windfall

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THE management team at top end shoe retailer Kurt Geiger are to share in a £20m windfall after selling the business to an American retailer for £215m.

It is the third time the chain has been sold in six years.

Neil Clifford, the Portsmouth-born chief executive of Kurt Geiger, shares a 28 per cent stake in the company with 55 colleagues.

The New York-listed Jones Group, which owns rival shoe brands Stuart Weitzman and Nine West, is using the acquisition of the 49 UK stores and 156 concessions to expand its international footprint.

Kurt Geiger’s most recent accounts, published for the year to last February, show profits were up around 20 per cent to £14.7m.

The management team, including Mr Clifford, will be retained.

The Kurt Geiger business has grown rapidly since it was bought by Harrods in 1994 and sold in 2005 to management for £46m.

Three years later the management again bought it out with backing from a private equity firm, Graphite Capital, for £95m, and has more than doubled its investment.