Dutch firm Macintosh Retail Group is to buy UK shoe retailer Jones Bootmaker for an undisclosed fee - reported to be in the region of GBP40m.

The transaction is due to be completed around the beginning of April, Macintosh said, adding that Jones Bootmaker "fits in perfectly" with its growth strategy in fashion.

With 93 stores in the UK, Jones Bootmaker has annual consumer sales of over GBP95m (US$151m). Macintosh will also hope to complement its own Brantano UK brand through the purchase.

The acquisition will be fully financed with loan capital, with Jones Bootmaker to contribute to Macintosh’s net profit in 2011.