Next agrees a deal to buy high street rival Fat Face for £115.2m

Next has agreed a deal to buy high street rival Fat Face. It will buy the retailer, which has over 200 stores, for £115.2 million from a consortium of financial institutions 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 said it will have 97% ownership of the business after the deal, with Fat Face’s management holding the remaining 3%.

Will Crumbie, chief executive of Fat Face, 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.”