Following several days of media speculation, New Zealand based industrial group Hellaby Holdings has confirmed that, in response to unsolicited approaches from a number of parties, the company has initiated a strategic review of its retail footwear businesses, R Hannah & Co Limited (trading as Hannahs) and Discount Shoe Warehouse Limited (trading as Number 1 Shoes).

The two businesses together hold approximately 40% of the specialty footwear retail market in New Zealand.

Hellaby has interests in a wide range of sectors in the New Zealand market including the importation and distribution of automotive parts and construction equipment and retailing specialty shoes, barbeques and spa pools. It is also involved in the manufacture of high performance knitted fabrics and flexible packaging materials.