The shareholders of Clarks have approved a deal with LionRock Capital for it to acquire a majority stake in the business.
The agreement will see Asian private equity firm, LionRock Capital, invest £100m in the family-owned British shoe retailer.
This is the final step in a rescue deal for Clarks, after its proposed CVA was approved by the company’s creditors last month. The deal is expected to be completed in the new year.
According to LionRock, the agreement will enable Clarks to position the business for future long-term sustainable growth and deliver its strategy to revitalise the brand.
The deal will see the Clarks family lose control of the Somerset-based shoe brand for first time in its 195-year history.
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