Footasylum founders to cash in on £40m share sale

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Footasylum

The founding families of JD Sports are set to make £40 million from the sale of a 10 per cent stake in high street chain Footasylum.

John Wardle and David Makin co-founded FootAsylum in 2009, four years after selling their stake in JD Sports, which still has their initials, for £45 million.

GCA Altium has now been hired by the pair to handle the sale of their slice of the footwear chain, which is expected to attract regional private equity investors.

READ MORE: JD Sports to open first gym-retail dual store

Wardle and Makin own 10 per cent of Footasylum and the business is run by Makin’s three children who own the other 90 per cent.

According to the Sunday Times, its shareholders are eager to sell 40 per cent of the business, which has been valued at over £100 million.

The retailer employs around 820 people and reportedly made a gross profit of £48.5 million in the year to February 2016, rising from £35.5 million a year prior.

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