Footasylum set for £150m float - report
JD Sports’ founder David Makin and business partner John Wardle are reported to be about to float their Footasylum shoe and sportswear chain with an IPO potentially putting a value of around £150 million on the business.
The float should be announced later this month with executive chairman Wardle expected to stay on the board once the company goes public and both he and Makin likely to retain significant stakes.
The pair have not yet confirmed their intention to float the business following Sky News breaking the story on Thursday afternoon.
Wardle and Makin have already been responsible for one major UK success story with JD Sports now enjoying a value of more than £3.5 billion.
Makin founded Footasylum 12 years ago with a single Cheshire store and Wardle joined three years later. It now numbers 59 stores but has plans to grow to 150. And it also operates chains under other names, including the 7Liverpool and Drome brands, although Footasylum is its main moneyspinner.
Sales are growing strongly and the company is boosting its omnichannel operations with plans to eventually get half of its turnover from online sales. The company saw profit on an Ebitda basis surging to £11.2 million last year from £6.1 million a year earlier.
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