Mountain Warehouse cuts down hopes for float

The founder of Mountain Warehouse on Friday insisted he is happy to keep the business private despite flirting with a stock market flotation, and a ramp-up in revenues and profits.

“It’s not happening,” the retailer’s chief Mark Neale said of the float. “We considered the idea 18 months ago, but we don’t need the money. We’re masters of our own destiny.”

The outdoor retailer has defied the gloom on the high street by recording a 19% increase in sales to £91.6 million for the six months to 27 August; pre-tax profits were up 18% to £4.7 million.

The retailer is still planning to grow in the UK and overseas by adding 10 stores to its existing 270 in the second half of the year. Sales were also boosted by online orders, which grew 18.5% in the period.

Neale said he will start to bring his affordable athleisure brand Zakti into Mountain Warehouse stores in spring after opening five standalone Zakti shops since its launch in 2015.

He had hired investment bankers from Rothschild to advise on a fundraising last year before he scrapped the plans. He owns 85% of the business, with the rest split between staff.

Neale started the business with one store in Swindon in the late Nineties.