Footasylum’s shares surge 81 per cent after JD Sports buys a stake


Footasylum’s shares surge 81% on Monday morning after JD Sports buys an 8.3% stake, the share price rose to 52.5p from 29p Friday.

Footasylum had issued two profit warnings as they had a tough 12 months, the retailer said they can see “no sign of recovery” as the high street continues to see sales drop.

A JD Sports spokesman said, “This share purchase is a strategic investment for the group, which has confirmed today that it is not intending to make an offer for Footasylum.

“By publicly disclosing this, and as set out in today’s regulatory announcement, the city code on Takeovers and Mergers precludes JD Sports from making any such offer unless specific circumstances change.”