Footasylum set to go public with £150m IPO listing

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Footasylum

The founders of Footasylum are reportedly planning to make the footwear retailer go public with an  initial public offering (IPO).

John Wardle and David Makin, who also co-founded JD Sports, are expected to make tens of millions of pounds from the IPO, which is expected to be valued at about £150 million before any new money raised through the listing.

The float is likely to be announced later this month.

Wardle, who is Footasylum’s executive chairman, will remain on the board if the retailer goes public.

Investment bank GCA Altium was hired by the pair in July to handle the sale of 40 per cent of Footasylum’s shares.

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.

Makin launched Footasylum in 2005 with a single shop, and was joined three years later by Wardle.

The duo has sold their stake in JD Sports – which still has their initials – for £45 million in 2005.

Footasylum now employs around 2200 people and has 59 stores in its estate. Its EBITDA hit £11.2 million in the year to February, up from £6.1 million a year earlier.

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