Management buy-out for UK shoemaker

The English city of Norwich is to keep its last remaining footwear manufacturer, with the news that an outline agreement has been reached for the company to be purchased by its management.

Led by Managing Director Tony Linford, the Florida Group’s management team has agreed terms for the buy-out with Chairman Simon Goodman and his family, who have owned the company since it was founded by Mr Goodman’s grandfather Adelman Goodman in the early 1900s.

Mr Goodman is to step down as chairman, although he will retain a stake in the company. In addition to Mr Linford, the management team involved in the buy-out comprises Head of Product Claire Farmer, Jason Larke (head of marketing), Head of Finance and HR Pamela Clarke, and Anne-Mette Christensen, head of logistics. Mr Linford joined The Florida Group in 2008, after which he recruited the current management team over the following year.

“As I have approached retirement, my primary concern has been to secure the future of the Florida Group and the people who work within the company,” said Mr Goodman. “It has always been a strong possibility that Tony and the team would eventually buy the business, and I am delighted that this is now set to happen.”

“The team and I have exciting plans to take the company forward,” commented Mr Linford. “We plan to expand the business, taking advantage of the opportunities being presented by changes in the footwear industry. We will announce more detailed plans in due course.”

Photograph shows Chairman Simon Goodman (left), whose family have owned the company since it was founded in the early 1900s, and Florida Group Managing Director Tony Linford, who leads the management team that has agreed buy-out terms.

Publishing Data

This article was originally published on page 2 of the June 2014 issue of SATRA Bulletin.

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