Clarks, the UK's biggest shoe retailer, on Wednesday said it would not come to market for at least another two years, the Financial Times reported.

Roger Peddar, chairman and a member of the Clark family that has owned the business for 175 years, said a flotation was "not off the agenda". However, he said it was unlikely that the company would consider coming to market before 2003.

Clarks late last year abandoned plans to come to market after a strategic review by advisers Deutsche Kleinwort Wasserstein. Mr Peddar said the shareholders' council had decided a listing would not benefit Clarks.

Tim Parker, chief executive since 1996, said on Wednesday Clarks' future lay outside the UK and the company was looking for attractive acquisitions. In March Clarks bought Elefanten, a children's shoe brand in Germany, for £23m.

Clarks has been significantly restructured since a family row broke out over a bid for the business in the early 1990s, resulting in the appointment of an outside chief executive for the first time.

The company last year closed its Weston-super-Mare factory where the famous desert boot, introduced by Nathan Clark in the 1950s, was manufactured.

Mr Parker said on Wednesday that although restructuring would continue there would be no more redundancies in the UK.