Footasylum confirms intention to float
Fashion and footwear chain Footasylum has confirmed its intention to float on London's AIM market, following reports earlier this month it was headed for an IPO.
The business, which is expected to float next month, currently operates 60 stores in the UK and is planning to raise funds to increase its store-count to 150 and will be targeting 8-10 store openings per annum in the medium term.
At present the business, which is said to be valued at around £150m, says it generates 71% of its revenue from its stores, while 29% comes from its e-commerce site. It also recently launched a wholesale arm for distributing its own brand ranges via a network of partners.
CEO Clare Nesbitt said of the move: "We are thrilled to be announcing our intention to list on AIM. This is a logical next step in Footasylum's upward trajectory as we seek to build on our exciting product-led, multi-channel expansion strategy."
"We pride ourselves on being a dynamic, adaptive and fast-moving business with a strong competitive position, a great stable of third party and own brands, and a disciplined approach to delivering sustainable growth. We see substantial opportunities ahead across our retail, online and wholesales channels, and believe that we have the people, products and strategy to realise them," Nesbitt added.
Nesbitt is the daughter of of David Makin, who founded the business along with John Wardle in 2005. The pair had made their names, and fortunes, by founding and subsequently selling JD Sports, which has gone on to be one of the UK's most successful retailers. It is understood that Makin's three children, including Nesbitt, currently hold 90% of its shares, while he and Wardle hold 10%.
John Wardle, who is also a former chairman of Manchester City football club, remains as executive chairman of Footasylum, however in its statement Footasylum said he would stand down on or around 1 June 2018 to make way for Barry Bown to take on the role. Brown has more than 30 years' retail experience, most of which was gained at JD Sports, which he joined in 1984 and where he served as CEO from 2000 to 2014.
