News Room

June 2005

More stores for Original Shoe

Aberdeen Asset Managers Private Equity today announced that it has provided additional development capital for Original Shoe Company (OSC). Aberdeen has been an investor in OSC since 1998 and has invested a further £2 million for an increased minority equity stake in the business.

The investment will be used to part fund the roll-out of up to 20 new stores across the UK including the new flagship store in Glasgow which is due to open shortly. OSC is one of the leading branded clothing and footwear retailers in the UK employing over 500 people. The business has also just moved into new Head Office and Warehouse premises in Cumnock which significantly increases the ability of OSC to support the planned expansion.

OSC was formed by the current Managing Director, David Hammond, in 1991 and during this period the business has grown both organically and by acquisition and now has 43 stores located predominately across Scotland and the North of England.

The team is led by David Hammond, Managing Director and Andrew Hammond, Buying Director. Andrew Craig and Stuart Overend led the deal on behalf of AMJPE while Stuart Overend will remain on the board of OSC.

Andrew Craig, Investment Manager at Aberdeen Asset Management Private Equity, said:

“OSC is a quality, well managed business and we are delighted that we have been able to provide this investment which will support the roll-out of additional stores across the UK.”

David Hammond, Managing Director of OSC, said:

“We are pleased that Aberdeen continues to support our strategy for the business. Their investment will enable us to roll-out additional stores and we remain excited about the future prospects of the business.”

Due diligence was provided by Campbell Dallas (Financial). Legal advice was provided by Biggart Baillie.