Footwear and apparel reatailer Footasylum will float on the Alternative Investment Market (AIM) in November 2017.
Currently boasting 60 stores across the UK, the fashion footwear chain which targets the 16-24 year old market, believes the float can boost its profile and help it increase its high street presence to an overall 150 stores. To achieve this, the firm would open between eight and ten new sites every year in the medium term.
Footasylum has the brains of JD Sports behind it, the group which boasts 1,200 stores in the UK through its numerous well-known brands including; JD Sports itself, Blacks, Millets and GO Outdoors. The company has strong branding through the 'Glorious Gangsta' and 'Kings Will Dream' ranges and will hope that extra funds will boost its already impressive growth.
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According to the FT (behind paywall), the company increased revenues from £78m in 2015 to £147m in its 2017 financial year and has shown strong growth since it was founded in 2005.
The company will use funds raised from the float on London’s Junior Market to fuel further growth. Additionally, the firm is looking to improve its digital presence, the logical step for a company which targets the youth market. The company is yet to confirm how much it is planning to raise through its new share placing, or what the plan is from existing shareholders.
Chief executive Clare Nesbitt said:
We are thrilled to be announcing our intention to list on AIM. This is a logical next step in Footasylum’s upward trajectory.