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

Faith considers management buyout as 'for sale' flag raised

Footwear retailer Faith has hired advisers to run a sale which is likely to lead to a management buyout backed by private equity.

The chain, owned by investor John Kinnaird, has hired Grant Thornton to run the sale of the business which has 78 stores and 120 concessions, according to the Independent.

Clearwater Corporate Finance is believed to be advising Kinnaird and his management team on which private equity house to choose.

Although a potential price tag is unknown at this stage it is likely to be less than the £64m private equity group Bridgepoint paid for the retailer in 2004. The deadline for the first round of bids is likely to be next month.

Earlier this month Kinnaird sold his fashion chain Envy to a consortium of investors including SKG Capital boss Chris Althorp-Gormlay.

Kinnaird, who once ran the now defunct Dolcis shoe chain, bought Faith out of administration in 2008.

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.