Next to buy FatFace in £115.2m deal

Clothing and homeware retailer Next said on Friday that it has agreed to buy FatFace for £115.2m from a consortium of financial institutions.

The acquisition will be settled partly in cash and partly in shares and Next said the deal will not materially impact its underlying pre-tax profit or earnings per share this year.

Once the transaction completes, Next will hold 97% of the equity in FatFace, while the latter’s management will hold the rest.

Next said FatFace will retain its management autonomy and "creative independence". The company will also retain its own board of directors and continue to be based in Havant, Hampshire.

Will Crumbie, who joined FatFace as chief financial officer in 2014 and became chief executive in 2021, will continue to lead the business.