11th Oct 2023 16:48
(Alliance News) - Sky News on Thursday reported that Next PLC is lining up FatFace as its latest high street takeover deal.
Sky News said the deal could be worth more than GBP100 million. City sources said the deal could be announced later this week.
FatFace is a family-focused clothing retailer which trades from around 180 UK stores.
https://news.sky.com/story/next-lines-up-100m-fat-face-in-latest-high-street-takeover-deal-12982312
The Leicester, England-based clothing, footwear and home products retailer has made a number of acquisitions post-pandemic.
In September, Next said it was increasing its stake in Reiss to 72% from 52%.
In March Next also acquired vintage clothing brand Cath Kidston for GBP8.5 million. The company in 2022 bought a 74% stake in UK lifestyles retailer Joules Group PLC for GBP34 million, after snapping up assets of furniture seller Made.com for GBP3.4 million, both after the collapse of the two smaller retailers.
Next is developing its Total Platform, which allows other brands to use Next's large-scale IT, warehousing and distribution infrastructure for their own e-commerce operations.
Shares in Next closed down 2.1% to 6,890.00 pence each in London on Wednesday.
By Sophie Rose, Alliance News reporter
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