UK: Fat Face appoints Lazard ahead of potential float
Fat Face operates 200 stores in the UK and Ireland
UK clothing retailer Fat Face has hired financial advisory and asset management firm Lazard ahead of a potential initial public offering (IPO).
A source close to the company said Fat Face was "reviewing all options" in terms of its future capital structure and that the appointment of Lazard was to help with this in 2014. An "experienced management team" is in situ and therefore expected to "start delivering the next phase of growth", the source said.
Meanwhile, a spokesperson for Fat Face declined to comment beyond confirmation of the appointment of Lazard.
In July, the company said it remained cautiously optimistic in its outlook after reporting a 29% jump in full-year profit to GBP31.2m (US$47.8m), boosted by record sales.
Fat Face operates 200 stores in the UK and Ireland. Earlier this year, the company announced plans to open its first stores in the US, in addition to the launch of a website for the country within the next two years.
According to the source, the firm is "under no time pressure" to launch an IPO, adding that the business is "performing well in an improving consumer environment [and] is soundly financed".
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