Face said yesterday it had put its botched flotation plans behind it for now and that it was “business as usual” after the retailer delivered record full-year sales and profits.
After an impressive start to the year, London’s new issues market balked at the sheer number of companies coming to the market, prompting Fat Face’s private equity owners Bridgepoint to shelve plans to list.
“We were obviously disappointed, especially after all the effort that we had put into it,” chief executive Anthony Thompson told City A.M.
“We received a lot of interest from institutional investors but we recognised that equity markets had changed and on that basis it was the right decision not move forward with the float,” he said.
Thompson insisted there was “absolutely no change in our plans for the business.”
Total sales jumped by 12 per cent to £200m in the year to 31 May, helping the group deliver record earnings of £39.3m, up 26 per cent. A revamp of its website helped drive a 39 per cent leap in online sales.
The casual clothing brand opened nine new shops and plans to open a similar number this year as well as make its first foray into the US.