Faith Sold For £64m

Private equity group Bridgepoint Capital has completed the £64m acquisition of footwear retailer Faith. Jonathan Faith, son of founder Samuel Faith, who set up the business in 1964, is quitting the business to focus on developing a stock management system first used at Faith.

The company now has 67 stores and 120 concessions in the UK, mainly in Debenhams stores, and recorded sales of £73.5m in the year to June 30. The management team led by MD Jacqueline O'Neill is staying with the business, with Roland Denning becoming chairman.

Jason McGibbon, investment director at Bridgepoint, said: "Faith is already a well established brand with an experienced management team capable of rolling the business out further." The new owner aims to grow the UK business as well as seeing opportunities for international franchising. Bridgepoint also owns Adams Childrenswear and Molton Brown in the UK, and French perfume brand Nocib.