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Michele Maatouk Sharecast News
13 Oct, 2023 15:58

Next to buy FatFace in £115.2m deal

dl next fashion shop sign clothing
NextSharecast photo / Josh White

Next

9,802.00p

12:00 23/12/24
-0.04%
-4.00p

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

FTSE 100

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FTSE 350

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FTSE All-Share

4,424.01

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General Retailers

4,666.34

11:49 23/12/24
0.45%
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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.

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