The boss of fashion chain Fat Face said the 26-year-old business has “earned the right” to go public as it today announced it is joining the rush to float by retailers.
The firm, which private equity group Bridgepoint bought for £360 million in 2007, plans to list more than 25% to raise at least £110 million to pay down debt and expand — valuing it at more than £440 million.
Fat Face joins a host of retailers who have floated this year including AO.com, Boohoo.com and Poundland.
Chief executive Anthony Thompson said: “We have earned the right to do this. We are a well-established business and have an ambitious growth strategy. Bridgepoint have been good stewards and this is the right time to do this.”
Former Marks & Spencer chief executive Sir Stuart Rose is chairman of the 208-strong chain. Fat Face, which also sells online, said the float will help it to reduce debt from £111.5 million to £60 million.
The float is being led by banks Citigroup, Jefferies and Canaccord Genuity. Bridgepoint and management — which own 70% and 20% respectively — will reduce their holdings in the sale.
