- Huw Hughes
British retailer N Brown announced a 100 million pound fundraising on
Thursday alongside its half-year results.
The Manchester-based company said the equity raise would come by way of
a fully pre-emptive placing to the substantial shareholder, subject to
clawback under the 100 million pound open offer to all shareholders at a
price of 57 pence per share.
N Brown said the fundraising will help strengthen its balance sheet and
“allow targeted investments to accelerate delivery of growth strategy to
capitalise on the structural tailwinds in the group’s markets”.
The company, which owns brands Simply Be, Jacamo and JD Williams, also
said it would be moving its listing from the main stock market to the
junior AIM exchange.
It comes as the business announced a 17.6 percent drop in
revenues to 356.7 million pounds for the first half of the year.
Photo credit: N Brown media gallery