Fat Face slims down debt

FAT Face has been rescued by its lenders in a deal that will slash its debt from £145m to £25m.

The casual clothing chain has also been given access to another £30m of cash to keep it afloat during the Covid crisis. Fat Face was founded in the Alps in 1988 by friends Tim Slade and Jules Leaver, who began selling T-shirts and sweatshirts out of the back of a camper van at night so that they could afford to ski during the daytime. It now has 245 stores and employs more than 2,000.

The company swung to a £268m loss in the year to June 2019, according to accounts filed on Companies House.