British clothing chain Next confirms it is acquiring clothing chain Fatface for £115.2 million. It also means that the company is expanding its brand portfolio with another brand.
Fatface has 180 stores in the UK and Ireland and 25 in the US and Canada. Next will pay Fatface’s current owners, a consortium of financial institutions including Alcentra and Lloyds Banking Group, partly in cash, but also in own shares.
The deal is expected to be completed within the next few weeks. Next has a history of acquisitions.
There has been buzz about an acquisition of Fatface before. Finwire reported on Wednesday that a deal was in the works.