A RESCUE plan to save Clarks shoes, costing £100million, has been approved by shareholders.

Clarks shoes will form a partnership with LionRock Capital, an Asian private equity firm.

LionRock Capital will acquire a majority stake in the business, and invest £100million.

The rescue plan was announced in November, and was set to be decided once shareholders voted on the transaction.

READ MORE: Clarks shoes to be rescued by LionRock Capital

The Clark family will remain invested in the business, and the deal is expected to be completed in the new year.

The company have insisted no jobs will be lost and staff will be paid.

Chief executive officer at Clarks, Giorgio Presca, said: “Our new strategy, in conjunction with our new partnership with LionRock Capital will create a strong and sustainable future for this unique and iconic brand.

“The challenges to our business brought on by Covid-19 have meant that we need more resources and investment to fully deliver this strategy and safeguard the future of our business.

“The new partnership with LionRock Capital will provide this as well as the expertise to grow the Clarks brand in China, which remains a primary opportunity.

“Our people, partners and customers remain our top priority and we are committed to building a relevant, accessible and desirable brand that reflects the way consumers live their lives.”

Bosses said the move will allow them to keep all 320 stores open with no rent on 60 sites.

The remaining outlets will be switched to a turnover-based model, where rent is calculated on the amount of cash that goes through the tills, but the process must be voted through by landlords at a meeting next month.