Apr 9, 2018

French Connection jumps almost a fifth on Toast brand sale

Shares in the lossmaking British fashion chain French Connection jumped 19 per cent after the retailer made its latest move to shrink its business with the sale of its majority stake in lifestyle and fashion store Toast. French Connection, which recently reported its sixth consecutive year of losses, will make £13.9m from disposing of the Toast stake to Bestseller, the owner of clothing brands Vero Moda and Jack & Jones. Jamie and Jessica Seaton, the co-founders of Toast, are also selling their interest in the business, for which Bestseller is paying £23.3m. The group paid an undisclosed sum for its shares in Toast, which sellls womenswear, accessories and homewares, in 2000. A person with knowledge of the situation told the Financial Times that the £13.9m proceeds from the sale "Definitely" represented a profit. In its most recent financial year, French Connection said its same-store sales edged 0.8 per cent higher while its losses narrowed to £2.3m from £5.3m a year previously.

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