Trade Bids Unlikely For Faith

Footwear chain Faith is unlikely to attract interest from trade bidders, according to industry sources, after it emerged owner Jonathon Faith was looking for around GBP50 million for the business.

Rival retailers said the price was inflated and footwear players were unlikely to get involved in a bidding war with private equity groups. Last May, Faith reported pre-tax profits of GBP2.6 million on sales of GBP 72.6m for the year to June 29 2002.

At the time, retail director Paul O'Neill said the closure of 244 Arcadia concessions, announced in October 2001, would not impact on company accounts until 2003. But the chain has since doubled its number of high street stores to 50 and has said it hopes to grow to 150 standalones.