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Fat Face - fat sum
 The
lifestyle clothing chain Fat Face, founded by ski fanatics Tim Slater
and Jules Leaver has been acquired by Advent International for an
undisclosed sum, believed to be in the region of £100m. Advent,
which has previously invested in HMV, Vision Express and the fashion
outlet New Look – picked up Fat Face from rival private equity group
- ISIS Equity Partners.
Natives has previously
reported on a speculation about a possible stock market flotation
for the company after Stephen Sunnucks, the former chief executive
of New Look, joining the Fat Face team as a non-executive director
Fat Face history
Taking the 'Face' piste in Val d'Isere as their inspiration, the
two ski former ski bums founded Fat Face back in 1988, and sold
their first sweatshirts and t-shirts in the bars and chalets of
Val d'Isere.
The company now sells 'active casual wear' clothing, footwear and
jewellery through its 97 high street stores and its inspirational
philosophy is that 'life is out there' for those who know where
to find it – be that up mountains, on waves, on skis – everywhere,
in fact, except the office (depending on where you work!).
Market leader
It currently has about 5 per cent of the active casual wear market
in the UK, making it the market leader. The UK market grew by 32
per cent between 2002 and 2004 and is predicted to grow by 12 per
cent per annum over the medium term, ahead of the general clothing
sector at 4 per cent.
Advent said Mr Slade and Ms Leaver would continue to hold a substantial
stake in the group. They relinquished their day-to-day management
roles two years ago and since then, chief executive Louise Barnes
and finance director Stuart Owens have driven the company's growth.
Advent's investment will further support the next stages of Fat
Face's expansion, with over 15 new store openings being targeted
each year in affluent market towns, activity locations and abroad.
[Source: www.growthbusiness.co.uk]
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