Schuh is understood to have completed a £36 million refinancing package, provided by the Bank of Scotland.
The package will help fund the expansion of the Schuh chain from 50 to 90 shops. Co-founders Sandy Alexander and Terry Racionzer, who sold the business to management in 2004, will remain non-executive directors.
Schuh is one of the winners in the tough footwear sector. The retailer is understood to be on track to deliver a substantial uplift in profits and sales for the 12 months to April. It is expected to raise its EBITDA by 16 per cent to£11.5 million, from£9.9 million the year before, driven by tighter stock control and improved margins. Total sales are expected to reach£135 million, compared with£125 million last year.
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