Footasylum announces LSE float

244
LSE

Footwear retailer Footasylum has officially announced its plans to go public on the London Stock Exchange (LSE) with an expected valuation of £150 million.

Following the stock market float in November, the retailer will now trade on London’s junior AIM market.

The money raised will reportedly go towards pushing expansion, with owners planning to more than double its 60-store estate by opening 10 new stores per year.

Last year Footasylum, owned by JD Sports founders David Makin and John Wardle, boasted revenues of £147 million while raking in profits of £11.2 million.

The pair, who sold their stake in JD Sports for £45 million in 2005, are set to make tens of millions as the company goes public.

Wardle will reportedly remain on the board after the float, as will Makin’s three children who currently run the retailer.

“This is a logical next step in Footasylum’s upward trajectory as we seek to build on our exciting product-led, multi-channel expansion strategy,” chief executive Clare Nesbitt said.

“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 wholesales channels, and believe that we have the people, products and strategy to realise them.”

Click here to sign up to Retail Gazette’s free daily email newsletter