FatFace has announced it has completed its financial restructuring and comprehensive refinancing agreement, and that chairman Lord Stuart Rose has left the company.
The British lifestyle brand said the 15 million pound cash injection will help it “significantly” reduce its debt and will be used to “invest in and deliver the current business strategy, while also supporting the business with any funding requirements as a consequence of Covid-19”.
As part of the refinancing, ownership of the operating group is transferring from Bridgepoint to the group’s existing lenders, who include Alcentra, Goldman Sachs, HIG and Lloyds.
Lord Stuart Rose exits FatFace
The company also announced the departure of chairman Lord Rose after seven years in the role, with his successor to be announced in due course.
“This is an important milestone for FatFace and reflects a significant vote of confidence in the strength of our brand and the business,” FatFace CEO Liz Evans commented. “As a lifestyle brand, FatFace has had strong online performance over the summer period and we have seen the benefits of the staycation trend in our local market towns and holiday destination stores.
“The completion of the refinancing agreement provides us with a strong platform to enable us to navigate the challenges the sector continues to face as a result of Covid 19, and to execute our strategy; putting customers at the heart of everything we do and delivering the FatFace brand experience by offering unique products which are designed in house and sold through a first-class ecommerce platform, a resilient store portfolio and strong partnerships.”
Photo credit: Liverpool One