Page last updated at 09:35 GMT, Friday, 23 May 2008 10:35 UK

Hunter sells footwear firm for 1

Sir Tom Hunter
Sir Tom runs the private equity group

A private equity group run by Scottish entrepreneur Sir Tom Hunter has sold Qube Footwear for 1.

Retail chain JJB Sports, which bought the 22-store business, said Qube's warehousing would remain in Glasgow as part of the deal.

Sir Tom's West Coast Capital (WCC) said it sold Qube as part of a portfolio "rationalisation".

Qube's last set of audited results showed that it made pre-tax losses of 6.1m in the year to 31 January.

The chain has since been through a restructuring process that saw some stores closed.

JJB said it believed that the store portfolio taken on in the deal was trading at a "broadly break-even level".

Ewan Hunter, spokesman for WCC, said: "This continues the rationalisation of our portfolio. However, we remain committed to the retail and property sectors for the long-term.

"This is the right deal for this business going forward."

Qube's managing director Brian McCluskey said the sale to JJB would help the business grow "in a cost-efficient manner".

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