Next close to snapping up FatFace in £100m deal - report

Next is reportedly close to snapping up FatFace in a deal worth more than £100m.

According to Sky News, the FTSE 100 clothing and homeware retailer is putting the finishing touches to an acquisition of FatFace, just three years after it was taken over by its lenders. City sources told Sky the deal could be announced later this week.

The purchase of FatFace, a family-focused clothing retailer which trades from around 180 UK stores, will be the latest name to have made it onto Next's lengthening post-pandemic shopping list.

It recently confirmed that it was increasing its stake in Reiss to cement its position as the brand's majority shareholder.

Since the pandemic, it has bought online furniture retailer Made.com, which had crashed into administration; Cath Kidston, which had also encountered financial difficulties; and maternity wear retailer JoJo Maman Bebe.

Lord Wolfson, Next's long-serving chief executive, has also struck partnerships with Victoria's Secret and Gap.

FatFace's owners were said to have appointed Rothschild to advise on strategic options in May last year.