Stylo shoes chief Michael Ziff today said his radical overhaul of the business had put it back on track - but admitted the company had not been delivering.

Stylo, which owns the Barratts and Priceless high street names, suffered a bad April when it announced losses of £5.5 million including one-off costs.

Mr Ziff announced that he would shut 67 concession outlets in Dorothy Perkins stores and transfer 55 shops from Barratts to Priceless in a bid to turn around the company's performance.

That move is now being seen in Bradford where the Barratts store in Darley Street is being closed and re-branded as Priceless.

Mr Ziff, who has recently been installed as the chairman of the Bradford Centre Regeneration company, said the site was more suited to the company's lower price retail offer.

But he also said that the company was in talks with the developers of the new Broadway shopping development to open a Barratts store there.

"Following the opening of a Priceless store in Keighley, we realised that certain parts of the city need a value-for-money offering and Priceless represents that concept," he said. "We will be investing around £100,000 in the new store."

Mr Ziff, who accused his former senior management team of "not delivering promised improvements" in the results announcement in April, said he was confident he now had the right team in place.

David Patrick has rejoined the company as managing director of the Barratts operation.

"We knew what needed doing and we are doing that quickly," said Mr Ziff.

"We've got rid of the people who were not delivering and I've now got a good team of people in."

He said the next set of results should be in line with expectations.

"They should be better than the last set of results - although that wouldn't be hard," he said.

"We are on-plan with where we thought we would be."

Despite its poor results in April, Stylo has seen its share price boosted by continued investment from property entrepreneur Jack Petchey, through his investment vehicle Trefick.

He now has a 22.2 per cent stake in the business.

Mr Ziff said of Mr Petchey: "He's a nice guy and we know him."