Footasylum shares surge on stock market debut

The footwear chain, created by JD Sports founders David Makin and John Wardle, floated on AIM yesterday at 164p per share.

But the price surged more than 20% in early trading before closing 18% up at 191p.

Footasylum raised more than £65m in gross proceeds from its IPO, which it will use to ramp up its ambitious expansion plans.

The retailer currently has around 60 stores, but aims to build its estate to 150 locations.

Makin and Wardle have drafted in former JD Sports boss Barry Bown as executive chairman, to help drive those bricks and mortar ambitions.

Makin’s daughter Clare Nesbitt – now the youngest boss of any business listed in London – will remain as chief executive.

Footasylum has grown rapidly during the past few years after cashing in on the athleisure boom.

It generated sales of £147m in its last financial year, compared with just £78m as recently as 2014/15.

EBITDA hit £11.2m, up more than 400% over the same two-year period.

The business has gone head-to-head with the likes of JD Sports and Schuh on the high street and online, stocking 300 brands including Nike, Adidas, Lacoste, Asics and Converse.