Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Bridgepoint buys back Fat Face debt

Bridgepoint, the private equity house, has bought back some of the debt it used to purchase lifestyle retailer Fat Face last year.

A source close to Bridgepoint said that the private equity house had "taken advantage" of turmoil in the banking markets which saw Fat Face's debt trading at 60% to 65% of its original value earlier this year.

He said: "That was about the bank's attitude to the high street. Bridgepoint thought it was trading at an irrational level and decided to take advantage of that."

The source added: "The debt remains £190 million against the transaction value of £360m so the business is not highly leveraged. Bridgepoint believes the prospects for the business are really good and, if anything, this is a vote of confidence in the business which is trading strongly."

The deal will not reduce the level of debt Fat Face has, nor will it reduce the retailer's level of debt repayments.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.