Fat Face, the private equity-owned leisurewear specialist, has taken advantage of weak debt markets to slash its borrowings.

Members of the retailer’s management and owner Bridgepoint paid just 56p in the pound for a nominal £21.8 million, cutting total debt from£190 million to £168.2 million and reducing interest costs.

Bridgepoint originally bought Fat Face for £360 million. Last year, the retailer posted a 2.1 per cent increase in EBITDA to £26.6 million on turnover of£126.4 million.

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