Bank of Scotland Corporate has offered UK footwear manufacturer Stead & Simpson a GBP51.4m buy-out package.

The bank has taken a minority stake alongside the management team at the Leicestershire-based company following a strategic review by Clearwater Corporate Finance, reported Midlands Business Insider.

According to the reports, CEO David Lockyer and finance director Peter Foot will both stay at Stead & Simpson, the UK's third-largest specialist shoe retailer, and have re-invested a significant percentage of the sale proceeds back into the company. Barry Stevenson, a former director of Marks & Spencer and B&Q, joins as chairman.

The transaction means a complete exit for retiring chairman John Shannon and Development Securities, reported the news service. Stead & Simpson, headquartered at Syston, near Leicester, employs 3,700 staff.