European buy-out firm Bridgepoint acquires UK retailer Faith Shoes for £64m

Faith Shoes, founded in 1964, is a retailer of high fashion, mid-priced women's footwear. The business was founded by Samuel Faith and owned by his son Jonathan, who will now exit the business completely in the transaction.

Faith operates 67 standalone stores and 120 concessions nationwide. For the year ended 30 June 2004, Faith said it generated net sales of £73.5m.

The new business will be led by managing director Jacqueline O'Neill, finance director Lindsay Dunsmuir, buying director Mel Serpen and retail director Paul O'Neill. Faith will be chaired by Roland Denning.

Bridgepoint investment director Jason McGibbon said, 'Faith is already a well established brand with an experienced management team capable of rolling the business out further.'

'Faith's sub-segment - high-fashion, mid price - has also been the fastest growing within the overall UK footwear market,' he added.

The investment is Bridgepoint's fourth in the UK market this year following the acquisitions of 1st Credit in November, Pets at Home in July and John Brown Publishing in October. Other investments in the retail sector currently owned by Bridgepoint include Adams Childrenswear, Molton Brown and Nocibé, the French perfumery group.

This acquisition underlines the recent private equity interest in footwear companies following the acquisition of a major share of Jimmy Choo by Hicks Muse Europe.

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