// Fat Face vows to continue selling online after closing all stores
// It is seeking to raise new cash to help the business through the Covid-19 crisis
Fat Face has reportedly said it will continue selling clothes through its website after closing all of its stores, as it seeks new cash during the coronavirus pandemic.
The British lifestyle retailer is offering customers free, contactless delivery and an extended six-month returns policy.
It is currently in discussions with its private equity owner Bridgepoint and lending banks to secure additional capital as current facilities are due to expire later this year, The Telegraph reported.
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The Hampshire-based retailer was bought by buyout firm Bridgepoint for £360 million in 2007. It was previously owned by US private equity firm Advent International.
Fat Face said it could not provide a further update regarding its refinancing as conversations are still ongoing.
It has agreed an extension to file its annual accounts with Companies House while it carries out discussions over financing.
The retailer’s filings were initially due at the end of February.
Accounts for the year ending on May 31 2019 show sales of just under £242 million and EBITDA, or operating profits of £27 million.
Sales for the previous year ending in June 2018 were up more than seven per cent to £238 million, while EBITDA increased by six per cent to £30 million.
Fat Face said the increase was thanks to a nine per cent rise in online sales and a 37 per cent rise in its international sales.
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