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JD Sports founders to sell Footasylum stake

The families of JD Sports founders John Wardle and David Makin are set to gain at least £40m from the sale of a stake in retailer Footasylum.

The premium trainers and sportswear chain is expected to be valued at more than £100m, with shareholders keen to sell 40% of the company.

The Wardles and Makins have hired investment bank GCA Altium to sell the stake in the business.

The duo founded Footasylum in 2009, four years after they sold their remaining 45% stake in JD Sports to Pentland Group.

Footasylum’s sales rose 41.6% to £110m in the year to 28 February 2016, its latest financial results, as gross profit increased 36.6% to £48.5m.

 

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