{"id":180811,"date":"2023-10-13T18:31:29","date_gmt":"2023-10-13T18:31:29","guid":{"rendered":"https:\/\/hotworldreport.com\/?p=180811"},"modified":"2023-10-13T18:31:29","modified_gmt":"2023-10-13T18:31:29","slug":"next-buys-high-street-rival-fat-face-for-115-2m","status":"publish","type":"post","link":"https:\/\/hotworldreport.com\/world-news\/next-buys-high-street-rival-fat-face-for-115-2m\/","title":{"rendered":"Next buys high street rival Fat Face for \u00a3115.2m"},"content":{"rendered":"<h2>Next buys high street rival Fat Face for \u00a3115.2m after snapping up Made.com, Joules and Cath Kidston<\/h2>\n<ul>\n<li><strong>It comes amid a buying spree from Next who&#8217;ve snapped up shops post-Covid\u00a0<\/strong><\/li>\n<li><strong>FatFace said the deal comes after a &#8216;strong&#8217; period of trading with high profits<\/strong><\/li>\n<\/ul>\n<p>Next has agreed to buy high street rival Fat Face after it has already bought Made.com, Joules and Cath Kidson, among other well-known brands.<\/p>\n<p>The retailer will buy over 200 stores for \u00a3115.2million from a consortium of financial institutions that took control of the business three years ago.<\/p>\n<p>It is the latest in a flurry of acquisitions by Next after buying brands. The retailer also runs 460 of its own shops.<\/p>\n<p>Next said it will have 97 per cent ownership of the business after the deal, with Fat Face&#8217;s management holding the remaining 3 per cent.<\/p>\n<p>Will Crumbie, chief executive of Fat Face, said: &#8216;This acquisition by Next today is an important next step in Fat Face&#8217;s journey.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/13\/17\/76529657-12628395-image-a-51_1697214999416.jpg\" height=\"476\" width=\"634\"><\/p>\n<p>Next will\u00a0buy over 200 stores for \u00a3115.2million from a consortium of financial institutions that took control of the business three years ago<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/13\/17\/76529655-12628395-image-a-52_1697215021035.jpg\" height=\"476\" width=\"634\"><\/p>\n<p>Next is run by Tory peer and ardent Brexiteer Lord Wolfson who has been snapping up British brands that have been going into administration post-pandemic<\/p>\n<p>&#8216;Having worked together for some time as a commercial partner, Next has recognised the strong foundations, and importantly, future potential for Fat Face.<\/p>\n<p>&#8216;We have great momentum.<\/p>\n<p>&#8216;This is about helping us reach more customers, whether that be in the UK or internationally, and becoming a part of the Next family, with the backing of their Total Platform infrastructure, will help us achieve this.&#8217;<\/p>\n<p>Mr Crumbie, who joined Fat Face in 2014 and became chief executive in 2021, will stay at the helm of the business, Next said.<\/p>\n<p>The brand will keep its own board of directors, retain its &#8216;creative independence&#8217; and continue to be based in Havant, Hampshire.<\/p>\n<p>Fat Face said the deal comes after a &#8216;strong&#8217; period of trading, with total sales of \u00a3282 million for the year to May. It also recorded a pre-tax profit of \u00a319.5 million for the period.<\/p>\n<p>Tory peer and ardent Brexiteer Lord Wolfson owns Next and has been snapping up British brands that have been going into administration post-pandemic.<\/p>\n<p>The firm also got Cath Kidston which fell into administration earlier this year.<\/p>\n<p>It also owns furniture brand Made.com, baby product retailer JoJo Maman Bebe and the majority stake of the UK holdings of both US clothing firm Gap and lingerie retailer Victoria&#8217;s Secret after their British operations ran into trouble.<\/p>\n<p>Next also owns a majority stake in US luxury clothing chain REISS, whose fans include the Duchess of Cambridge.<\/p>\n<p>The prolific buying spree means Next has effectively displaced billionaire Mike Ashley&#8217;s Frasers Group as the UK&#8217;s most frequent acquirer of smaller retail brands.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/13\/17\/76529661-12628395-image-a-53_1697215026422.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>Post-pandemic, a lot of stores have gone into financial administration and FatFace is just the latest store to be bought along with Joules and Cath Kidson<\/p>\n<p>FatFace\u00a0<span>was founded in 1988 and its products range from women&#8217;s clothes, men&#8217;s, kids&#8217;, footwear and accessories.<\/span><\/p>\n<p>As well as its UK stores, it has a digital business as well as 20 stores in the US.<\/p>\n<p>The business was founded by entrepreneurs Tim Slade and Jules Leaver on a skiing holiday.<\/p>\n<p>Needing more money to continue their trip, they sold t-shirts at night from the back of a camper van.<\/p>\n<p>FatFace was bought by private equity firm Bridgepoint in 2007 for \u00a3360million from Advent International.<\/p>\n<p>FatFace&#8217;s owners appointed Rothschild to advise on strategic options in May last year, according to reports.<\/p>\n<p>Next has a market value of \u00a38.75billion and has already raised profit forecasts.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12628395\/next-fatface-administration-uk-high-street-lord-wolfson-pandemic.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Next buys high street rival Fat Face for \u00a3115.2m after snapping up Made.com, Joules and Cath Kidston It comes amid a buying spree from Next who&#8217;ve snapped up shops post-Covid\u00a0 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":180810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - 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