Next close to £100m takeover deal
By Sarah Wood | 12th October 2023
High Street giant Next is close to snapping up fashion chain, Fatface, in a deal worth more than £100 million.
FatFace, which has stores in Cheltenham, Gloucester, Cirencester and Stow-on-the-Wold, is the latest brand on Next's post-pandemic shopping list, as reported by Sky.
Since the pandemic, the retailer has bought a job lot of struggling brands, including Joules, Made.com and Cath Kidston.
Next has also recently confirmed it is increasing its stake in high-end fashion retailer, Reiss, to cement its position as the majority shareholder.
Fatface was taken over by lenders including Lloyds Banking Group and Alcentra in 020.
Earlier this week, it reported a rise in profits of 198% to £17.3m, from £5.8m, in the 52 weeks to May 27.
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