UK high street sportswear chain Footasylum has confirmed its intention to float on the London Stock Exchange, describing it as a “logical next step” as it looks to bolster its multi-channel presence.
The news comes three months after reports that its founders had started proceedings to sell their stakes in the business.
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Footasylum issued an intention to list notice on the AIM – a market of the London Stock Exchange – earlier today (16 October) and said dealings in its shares are expected to commence next month. It said the placement would provide the group with “an appropriate capital structure” to pursue its growth plans.
The company operates a multi-channel offering with 60 stores. For the 2017 financial year period, its store estate accounted for 71% of revenue and e-commerce 29%.
CEO Clare Nesbitt said listing on the AIM “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 wholesale channels, and believe that we have the people, products and strategy to realise them.”
The firm was founded by John Wardle and David Makin in 2009, four years after they sold their stake in UK sportswear retailer JD Sports – which they had also founded – to Pentland Group.
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By GlobalDataInvestment bank GCA Altium confirmed to just-style earlier this year it had been appointed by the families of the two founders to explore a sale of their stakes. Reports at the time suggested the sale could fetch in the region of GBP40m.
JD sports founders explore sale of Footasylum stake
