Sports retailer Footasylum plans to float on the London Stock Exchange in a move that could value the firm at £150 million and lead to it doubling the number of its stores.
The company, owned by the founders of JD Sports, is expected to begin trading on London’s junior AIM market in November.
The money raised during the float will be used to plough money into opening 10 outlets a year with a target of at least 150.
Footasylum boss Clare Nesbitt commenting on the float said: ‘This is a logical next step in Footasylum’s upward trajectory as we seek to build on our exciting product-led, multi-channel expansion strategy.
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‘We pride ourselves on being a dynamic, adaptive and fast-moving business with a strong competitive position, a great stable of third party and own brands, and a disciplined approach to delivering sustainable growth.
‘We see substantial opportunities ahead across our retail, online and wholesales channels, and believe that we have the people, products and strategy to realise them.’
Footasylum aimed at 16 to 24 year fashion conscious customers enjoyed £147m in revenue during 2016
The firm founded by David Makin and John Wardle in 2005 currently has 60 stores.
Footasylum’s products are aimed at 16 to 24-year-old fashion conscious customers, with the company dividing its shoppers into six core ‘tribes’.
Each tribe, Footasylum said, has a ‘nuanced demographic and regional profile’.
Last year the firm reaped £147 million in revenue and booked an operating profit of £11.2 million.
Menswear accounted for 71% in the period compared with 8% for womenswear and 18.5% for childrenswear.