Keighley firm Peter Black is buying one of its competitors to boost its shoes sales with Marks & Spencer.

The company is buying the Marks & Spencer footwear division of major shoe firm Fii for £5.15 million.

The acquisition increases Peter Black's share of ladies' shoes sold to M&S to around 33 per cent from 20 per cent and men's shoes to 60 per cent from around a third previously.

The move means that more than half of the group's turnover will now be with Marks & Spencer. Latest figures show that Peter Black's sales rose by 19.5 per cent to £184.8 million compared with £154.6 million previously.

A Peter Black spokesman said today: "This is good news for the firm and good news for Keighley. It adds turnover to the company and that can only be good for the long-term prospects of the firm."

The group's latest figures show an improvement in sales of toiletries, cosmetics and skincare products which the group is also involved in.

Shoe sales have also improved after the company worked out deals with firms in the Far East and acquired the Lenci Calzature ladies' leather footwear business three years ago.

The firm also runs a successful distribution division which is based at Keighley which distributes goods for M&S and Sainsbury.

Fii shareholders need to give their approval to the proposal which has been agreed by both boards at a meeting on May 31.

The new business will become part of Peter Black's footwear division which is based in London and will bring in an extra £7 million in sales for the growing group this year leading to £12 million in a full year. The move comes after a decision by Fii to follow in the footsteps of Peter Black by closing its shoe production factory in Bridgend and sourcing its shoes from overseas.

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