Sales stride ahead at FootAsylum
SALES have rocketed at Footasylum, the fashion-focused footwear and clothing chain owned by former Manchester City FC chairman and majority shareholder John Wardle.
In the year to the end of February revenues at the Rochdale-based company surged 25% to £78m, but investment in its infrastructure and warehouse and new store openings. saw operating profits fall from £1.2m to £380,844.
FootAsylum opened its first store in 2005 and now has more than 40 shops nationwide.
Wardle launched the new venture after standing down from his executive role at City. A former fireman, he made his fortune as a co-founder of John David Sports in Bury. Along with business partner David Makin, the pair built up and floated JD, which is now called JD Sports Fashion plc.
In a statement included in its latest accounts, FootAsylum said: “The group again added new stores during the year, adding five new stores in key locations and more are planned for the year to February 2016 as the business continues to gain momentum and increase market share.
“The group is well funded and maintains its focus and investment in infrastructure and the strength of its management team. The directors also believe the business is well placed to exploit current market opportunities but continue forward on a prudent and cautious basis.”
During the year, net assets increased from £10.1m to £10.5m and staff numbers from 574 to 665.
