Footasylum founders look to sell £40m stake

The founders of Footasylum have appointed advisers to assist in the sale of a £40m stake in the premium footwear and sportswear business, which is valued at £100m.

Footasylum was founded in 2005 by retail tycoons John Wardle and David Makin who made their names and their fortunes with JD Sports (the business took its name from their first initials), which they had sold earlier that same year making £45m in the process. They had set up the business in 1981 when Makin was just 16. It had floated in 1997 and in 2005 the pair sold 45% of the company to brand house Pentland Group.

Rochdale-based Footsylum is now run by Makin's daughter Clare Nesbitt, and his three children hold 90% of its shares while Makin and Wardle hold 10%. According to The Sunday Times investment bank GCA Altium has been appointed to handle the sale of the stake.

The business now operates 40 stores across the UK, as well as an online store, selling sports and streetwear brands such as Vans, Adidas, Nike, EA7, Boss and Ellesse. It recently opened a new 4,992 sq ft store store at the centre:mk shopping destination in Milton Keynes.