FOOTASYLUM SHARE LEAP AS JD BUYS STAKE
FOOTASYLUM’S flagging share price took a major step forward after bigger sportswear rival JD Sports Fashion took an 8.3 per cent stake and suggested it could buy more.
FTSE 250 firm JD said it had bought the stake “for investment purposes” and could acquire up to 29.9 per cent, but confirmed it is “not intending to make an offer”.
Shares in Footasylum, which sells branded footwear and clothing including Nike, Adidas and North Face to 16 to 24-yearolds, was listed on the junior Aim market at 164p in November 2017, but plunged after a series of profit warnings.
Yesterday they jumped 26¼p to 55¼p.