Next to buy FatFace in £100m deal

Next is closing in on a deal to buy rival Fat Face for more than £100m.

The FTSE 100 clothing giant is putting the finishing touches to the takeover  with a formal announcement possible this week.

Next has acquired a slew of high street brands since last year including Joules and Made. 

Earlier this autumn it said it was raising its stake in Reiss, a favourite of the Princess of Wales. The proposed takeover, first reported by Sky News, comes around three years after Fat Face was taken over by its lenders.

Fat Face has around 180 UK stores while Next has some 500. 

Last month, Next raised profit guidance for a third time this year with sales boosted by warm weather and rising wages.

There was a 5.4pc jump in total sales over the six months to July, compared with the same period last year, and a 3.2pc rise in sales of its brands at full price. 

Jigsaw swung back into the black as the return of workers to offices boosted sales of dresses and other smart clothing. It reported annual profits of £802,000 having made a loss of £1.3m the previous year. 

Revenues rose 20pc to £56.8m.

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