Next to buy rival Fat Face for £115m

Next has agreed a deal to buy high-street rival Fat Face for £115.2 million.

It will buy the retailer, which has more than 200 stores, from a consortium of lenders who took control of the business three years ago.

It is the latest in flurry of acquisitions by Next, which runs 460 of its own shops, after buying brands including Made.com, Joules and Cath Kidston.

Next, which is led by Conservative peer Lord Wolfson, said it will have 97% ownership of the business after the deal, with Fat Face’s management holding the remaining 3%.

Will Crumbie, who joined Fat Face in 2014 and became chief executive in 2021, will stay at the helm of the business, Next said.

The brand will keep its own board of directors, retain its “creative independence” and continue to be based in Havant, Hampshire.

Fat Face said the deal comes after a “strong” period of trading, with total sales of £282 million for the year to May. It also recorded a pre-tax profit of £19.5 million for the period.

Mr Crumbie said: “This acquisition by Next today is an important next step in Fat Face’s journey.

“Having worked together for some time as a commercial partner, Next has recognised the strong foundations and, importantly, future potential for Fat Face.

“We have great momentum.

“This is about helping us reach more customers, whether that be in the UK or internationally, and becoming a part of the Next family, with the backing of their Total Platform infrastructure, will help us achieve this.”