Why keep the Faith?

Jonathan Faith, owner of the women’s footwear chain that bears his name, has landed a £45m windfall after agreeing to sell the business to the private-equity firm Bridgepoint.

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The £64m takeover will give Bridgepoint an estimated 70 per cent stake in the business. Faith, son of the chain’s founder, will leave the company after the transaction and intends to focus on the handheld product-scanning technology used in Faith shops. The chain operates 67 stores and 120 concessions, mainly in Debenhams and Top Shop outlets