Next PLC Acquisition of FatFace (1213Q)
RNS Number : 1213Q
13 October 2023
Date: 13th October, 2023
Contacts: Alistair Mackinnon-Musson firstname.lastname@example.org
Rowbell PR - NEXT PLC Tel: 020 7717 5239
Lucy Legh / Joanna Clark email@example.com
HeadLand PR - FatFace Tel: 020 3805 4822
Photographs: FatFace images: https://wetransfer.com/downloads/8129c123c5487cee07c21aaf33ae9d8920231009130336/013359
NEXT images: http://www.nextplc.co.uk/media/image-gallery/campaign-images
Acquisition of FatFace
NEXT plc ("NEXT") announces that it has signed terms to acquire
FatFace for a total equity value of GBP115.2m ("Consideration")
from a consortium of Financial Institutions (the "Sellers").
The Consideration will be settled partly in cash and partly by
the issue of new NEXT shares and management equity rolling over
into the new structure. The transaction will not materially impact
the NEXT Group's underlying profit before tax or EPS in the current
Upon completion of this transaction, which is expected to take
place within the next few weeks, NEXT will hold 97% of the equity
and FatFace's management will hold 3% in the business. Management
will also participate in an additional performance related equity
scheme. FatFace will retain its management autonomy and creative
independence. The company will retain its own Board of Directors
and continue to be based in Havant, Hampshire, UK. FatFace has been
a LABEL brand selling on next.co.uk since 2016 and it is
anticipated that it will migrate its online operations onto NEXT's
Total Platform within the next twelve months.
Today's announcement follows a period of strong trading for
FatFace under the leadership of its CEO Will Crumbie. In the 52
weeks to 27 May 2023, FatFace achieved total sales of GBP282m.
Statutory profit before tax in the same period was GBP19.5m.
Digital channels account for 40% of FatFace sales, with the
remainder largely coming from their retail stores. It is
anticipated that the company will continue to trade and develop its
own retail store portfolio.
Will Crumbie, who joined FatFace as CFO in 2014 and became CEO
in 2021, will continue to lead the business.
NEXT plc (LON: NXT) is a FTSE 100 company based in Leicester and
is one of the UK's leading online clothing retailers. NEXT has
around 460 stores in the UK and Ireland and an online presence in
over 70 countries selling the NEXT brand and over 700 other
fashion, home and beauty brands, including FatFace.
FatFace is a British, family, lifestyle clothing brand that is
Made for Life. With a unique heritage, FatFace creates product
ranges across womens, mens, kids, footwear and accessories for the
whole family to live life in. FatFace products are designed with
purpose and built to last. Considered Style. Trusted Quality.
FatFace is a multichannel retailer with a thriving UK and
international digital business as well as over 180 stores in the UK
and Ireland, over 25 stores in the US and Canada and a highly
engaged social community. FatFace has 1.8m active customers.
FatFace is a brand with sustainability at its core, with a clear
strategy around three key pillars - product, planet, and community.
The brand was recently awarded B Corp(TM) status, a
testament to its achievements against these pillars. www.fatface.com
FatFace and the Sellers were advised by Rothschild & Co as
financial adviser and Addleshaw Goddard as legal adviser. NEXT was
advised by EY and Eversheds Sutherland.
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(END) Dow Jones Newswires
October 13, 2023 10:11 ET (14:11 GMT)
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