NEWS


Future of historic footwear firm secured after plans for management buy-out announced


Mr Linford said, “I and my management team


are really pleased that we have been able to agree this management buy-out. The Florida Group, and its brands, has such a strong presence in the shoe trade.


“The team and I have exciting plans to take the


company forward. 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.


The future of Norwich’s last remaining shoe


manufacturer is set to be secured, with the news that outline agreement has been reached for the company to be bought by its management.


The Florida Group’s management team, led by


managing director Tony Linford, has agreed terms for the buy-out with chairman Simon Goodman and family, which has owned the company since it was founded by Mr Goodman’s grandfather Adelman Goodman in the early 1900s.


Mr Goodman will step down as chairman, although he will retain a stake in the company. As well as Mr Linford, the management team involved in the buy-out comprises head of product Claire Farmer, head of marketing Jason Larke, head of finance and HR Pamela Clarke, and head of logistics Anne-Mette Christensen.


Mr Linford joined The Florida Group in 2008,


recruiting the current management team in the ensuing 12 months.


With Heads of Terms agreed, it is envisaged


that the buy-out will be completed in the next couple of months.


Simon Goodman said, “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.


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.


“This is a really strong leadership team which is


ideally placed to take the company into the future, and I step down in the knowledge that this great business is in safe hands.”


The Florida Group


E: Jason.Larke@floridagroup.co.uk M: +447970499144 DDl: +44 1603 493108 W: www.floridagroup.co.uk


“After so many years in the hands of the Goodman family, I feel privileged to be taking the helm of such a great business, and I am determined to build a future for the company which is as distinguished as its history to date.”


The management buy-out is being assisted with finance from Barclays.


Last year, the British Footwear Association


received an astonishing 78 enquiries from people wanting to set up or develop a footwear company. We speak to all of them and once we eliminate the naïve and the downright crazy, we end up working with a substantial number of these entrepreneurs.


Typically, they need advice on sourcing – nearly


everyone would love to have their product Made in Britain, sadly a hard ask these days – and sales and marketing as well as a host of issues like Intellectual Property, finding and managing sales agents and pricing. And they all need extra funding.


We are fairly ruthless with our advice and


always stress the pitfalls, especially financial, of launching a new brand. Nearly all of the individuals underestimate the cost of bringing a brand to market (we calculate they will need £50,000 plus if they want international sales) and nearly all of them do not appreciate the structure


4 • FOOTWEAR TODAY • MAY 2014 This in turn means attendance at expensive


overseas exhibitions, finding reluctant sales agents or distributors and trading from e.commerce sites – all of which was probably not in their original business plans.


We become further involved with many of these


“young” brands by helping them exhibit successfully at premium shows like MICAM Milan – and now Shanghai as well – GDS and Platform in Las Vegas. Again we ensure they can plan against the various obstacles placed in the way of budding exporters and we rejoice in their triumphs when take orders and acquire sales people.


The future of the industry looks bright when we


combine the energy and determination of these emerging labels with the professionalism and attention to detail of the more established British brands beating a path through world markets.


of the UK retail environment for high grade footwear. The dearth of premium independent shops and the dominance of Kurt Geiger within department stores normally leads the brand owner to very quickly work out that they need to think internationally and to go multi-channel from the onset.


We reckon that of that 78 original enquirers,


probably about 10 will go on to have a successful future and to stride past the magic £1m turnover. In recent years, we have celebrated the growth and potential of brands such as Miss LFire, Kat Maconie, Butterfly Twists, Miista, Esska, Northern Cobbler, CocoRose London and Aspiga and there are many others in the pipeline.


For more info contact: John Saunders, john.saunders@britishfootwearassociation.co.uk www.footweartoday.co.uk


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