Footasylum will float on AIM next month as it gears up for store expansion and snaps up ex-JD boss Barry Bown to spearhead its expansion.

The footwear retailer will float on the London Stock Exchange’s junior market, with its IPO expected to value the business at £150m.

The retailer plans to expand its 60-strong bricks-and-mortar estate to 150, with a rate of eight to 10 new store openings a year.

To lead this charge, Footasylum has drafted in JD Sports former chief executive Barry Bown to take over the reins as executive chairman from John Wardle when he retires next June.

Bown was at the helm of JD Sports for 14 years until 2014 and first joined the business in 1984.

Footasylum chief executive Clare Nesbitt said: “This is a logical next step in Footasylum’s upward trajectory as we seek to build on our exciting product-led, multichannel expansion strategy.

“We pride ourselves on being a dynamic, adaptive and fast-moving business with a strong competitive position, a great stable of third-party and own brands, and a disciplined approach to delivering sustainable growth.

“We see substantial opportunities ahead across our retail, online and wholesale channels, and believe that we have the people, products and strategy to realise them.”

The retailer, which has around 2,200 employees, reported an 83% jump in EBITDA to £11.2m in its latest full-year results.