UK retailer Fat Face pulls planned £110m London listing

Poor equity market conditions blamed for u-turn on IPO planned to fund expansion

Fatface has pulled its planned London listing, raising fears a window for flotations may be closing.

Fatface has pulled its planned London listing, raising fears a window for flotations may be closing.

 

Clothing chain Fat Face is pulling the plug on its planned £110 million listing in London, citing poor equity market conditions, and adding to signs a window for flotations may be closing.

The company, which is owned by European private equity firm Bridgepoint, had aimed to fund its international expansion via the listing, which valued the firm at £440 million.

Bridgepoint paid rival private equity firm Advent £360 million for Fat Face in 2007, but the investment has proved difficult as the retailer struggled to find its niche.

Bridgepoint subsequently injected three further investments of £25 million in total.

Fat Face, which sells clothes targeted at an active lifestyle, recently abandoned attempts to target younger shoppers and returned to its middle-aged core market - guided by former Marks and Spencer head Stuart Rose, who joined it as chairman in 2013.

The flotation was due to be led by Citigroup and Jefferies, with Canaccord Genuity as lead manager and Lazard as financial adviser.

(Reuters)

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