Lifestyle retailer Fat Face has kicked off its flotation on the main market of the London Stock Exchange today.
A quarter of the business is being floated, and is expected to raise around £110m, valuing the company at around £440m. The cash is being used to clear its debts and expand both in the UK and internationally.
In December Drapers revealed the chain had hired financial advisory and asset management firm Lazard to conduct a review of its business, ahead of what was thought to be a move to go public. In January Fat Face appointed banks Citi and Jeffries.
Anthony Thompson, chief executive of Fat Face said the business had created a “firm foundation” for continued expansion in the UK.
He added: “I am confident that our position as a public company will give us the platform to continue growing our customer offer and deliver products which are designed to be loved by all our customers for life outside the nine to five.”
The company, chaired by Sir Stuart Rose, has appointed former Carpetright chief executive Darren Shapland, the director for people at BskyB Deborah Baker and the managing director of global entertainment at ITV Maria Kyriacou as non- executive directors effective today (May 1).
Fat Face said the new appointments would enhance the “strength and depth of leadership” within the business at this “transformational stage” in the company’s development.