FootAsylum to step up with float on AIM
Rochdale-based fashion-focused footwear firm FootAsylum has announced its intention to float on the London Stock Exchange’s AIM.
Dealings in the fast-growing £147m turnover company’s shares are expected to start next month (November).
The move will see the exit of current executive chairman and former Manchester City chairman John Wardle, who will retire from the role in June 2018.
He will be replaced by Barry Brown, who has 30 years’ retail experience, mostly at JD Sports, where he served as chief executive from 2000 to 2014.
The company retails “on-trend” product ranges which are predominantly aimed at 16 to 24 year old fashion-conscious customers and are sourced from an extensive stable of third party and own brands.
These include well-known sports and casual footwear and apparel brands, as well as up-and-coming brands and own label products.
“The directors believe that this is a differentiated, flexible approach which allows the company to source fresh and relevant product, cater for differing regional trends and to build brand loyalty amongst its target audience,” a statement said.
The company operates a multi-channel model which combines a 60-strong store estate – in a variety of high street, mall and retail park locations across the UK – with a fast-growing eCommerce platform and a recently launched wholesale arm for distributing its own brand ranges via a network of partners.
In FY17, the store estate accounted for 71% of revenue and eCommerce accounted for 29%.
Clare Nesbitt, chief executive, said: “We are thrilled to be announcing our intention to list on AIM.
“This is a logical next step in Footasylum’s upward trajectory as we seek to build on our exciting product-led, multi-channel expansion strategy.
“We pride ourselves on being a dynamic, adaptive and fast-moving business with a strong competitive position, a great stable of third party and own brands, and a disciplined approach to delivering sustainable growth.
“We see substantial opportunities ahead across our retail, online and wholesales channels, and believe that we have the people, products and strategy to realise them.”
