Footasylum to step out onto public markets at £171.3m as JD Sports founders cash in

 
Lucy White
Footasylum now operates 60 stores (Source: Wikimedia Commons)

Sports fashion and branded footwear retailer Footasylum has announced it will be valued at £171.3m when it steps out onto the public markets next month.

The company aims to raise gross proceeds of £65.4m in the initial public offering (IPO), as dealings in the shares commence on 2 November.

Money generated from the float will be used to further the company's growth, Footasylum said, with £3.9m going to chairman John Wardle to repay a director's loan.

Read more: It's official: Footasylum is ready to kick off its Aim IPO

“Today marks the beginning of an exciting new chapter in the Footasylum story,” said Clare Nesbitt, the business's chief executive.

“We are delighted that our product-led, multi-channel expansion strategy has resonated so strongly with investors, and are thrilled to have received such a strong level of demand for the placing.”

Nesbitt's relatives, the Makin family, will still hold around 63 per cent of Footasylum after the listing. Her father David Makin, together with John Wardle, founded JD Sports – together, their initials make the “JD”.

Read more: JD Sports on track to post sales jump

Makin expanded into Footasylum in 2005, and was joined by Wardle a few years later. The chain now operates a 60-strong store estate, and generated earnings before deductions of £11.2m in the 2017 financial year.

Wardle will step down from his chairman role, to be succeeded by former JD Sports chief executive Barry Brown.

GCA Altium is acting as Footasylum's financial adviser, and Liberum Capital as broker.

Read more: JD Sports founders in for a payday as Footasylum prepares to float

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