FatFace Group, a leading multichannel lifestyle brand, has recently completed a refinancing agreement worth £15 million. The agreement includes a transfer of ownership to the company’s lenders and the departure of its long-standing chairman, Lord Rose. This move is expected to provide a solid foundation for FatFace’s future growth and enhance its financial stability.

The decision to refinance comes after FatFace faced challenges due to the temporary closure of all its 230 stores amid the Covid-19 pandemic. Discussions for financing were initiated in April, and now the company has successfully secured the necessary funding injection and reduced its debt.

Under the refinancing agreement, Bridgepoint will no longer have ownership of the operating group. Control will be passed on to the company’s existing lenders, which include Alcentra, Goldman Sachs, HIG, and Lloyds. This change in ownership signifies a new phase for FatFace and opens up opportunities for further development.

In addition to the transfer of ownership, Lord Rose, who has served as chairman for seven years, will step down from his position. A successor will be announced in the near future to lead the company into its next chapter.

FatFace’s CEO, Liz Evans, sees the completion of this refinancing agreement as a significant milestone for the brand. It demonstrates confidence in the company’s future and represents a strong belief in its potential for growth. Evans highlights the brand’s impressive performance during the summer months, particularly in local market towns and holiday destination stores, which were frequented by staycationers. This positive outcome further solidifies FatFace’s position in the market despite the challenges posed by the ongoing pandemic.

With the refinancing deal now finalized, FatFace is well-positioned to execute its strategic plans. The company will continue to focus on offering a unique brand experience through its in-house designed products, a robust e-commerce platform, resilient stores, and strong partnerships. The aim is to further enhance customer satisfaction and loyalty.

Evans expressed her gratitude to Stuart Rose and Bridgepoint for their dedication to the business. She acknowledged Rose’s invaluable support, championing of the brand, and extensive knowledge and experience. This transition marks an important turning point for FatFace and sets the stage for continued innovation and growth.

Overall, FatFace’s successful refinancing agreement not only provides the financial stability necessary for its operations but also paves the way for new opportunities and future growth. The company remains committed to delivering exceptional products and a superior shopping experience to its customers.

Here are two useful links for further information:

1. [FatFace Group Official Website](https://www.fatface.com/)
2. [Alcentra Official Website](https://www.alcentra.com/)