High-street shoe chain Faith Shoes has been bought by private equity group Bridgepoint Capital for £64 million. The transaction was funded by equity and debt provided by Barclays.

Faith's managing director Jacqueline O'Neill will head the new management team, which will be chaired by Roland Denning.

Jonathon Faith, previous owner and son of the company's founder Samuel Faith, will now leave the company. He is believed to have made around £45m from the deal.

A previous deal with Bridgepoint fell through in April 2004 after trading weakened. However, negotiations between the two parties began again during the summer.

Bridgepoint believes that there is considerable potential to expand Faith, and sees possible opportunities for global franchising of the brand.

1964-established Faith Shoes operates 67 stores and 120 concessions throughout the UK, and saw net sales of £73.5m for the 12 months ended 30 June.

Bridgepoint, which also owns retailers Adams Childrenswear and Molton Brown in the UK, has already made eight other new investments in 2004.