Fat Face profits rise despite flotation u-turn

Fat Face chief executive Anthony Thompson has insisted it is “business as usual” for the surf-inspired clothing brand, which has unveiled a surge in profits after scrapping its flotation.

The surf inspired clothing brand is continuing to prosper. Picture: Contributed.

The chain, majority owned by private equity firm Bridgepoint, had sought to raise about £110 million by listing on the London market, but shelved the plans in May.

Chaired by former Marks & Spencer boss Sir Stuart Rose, the company reported underlying pre-tax profits of £39.3m for the year to the end of May, up from £31.2m a year earlier, on sales 12 per cent higher at £200m.

Thompson, who previously ran Asda’s George clothing brand, said: “Since our decision not to proceed with an initial public offering, it remains business as usual for us. We remain confident in the future prospects for Fat Face as we pursue a range of opportunities for further growth, both in the UK and internationally.”

The firm, which opened its first store in 1992, added nine outlets during the year, taking its total portfolio to 209.

GARETH MACKIE