N Brown Group has announced it has completed the £100m equity raising it announced last month.
The Manchester-based retailer – which owns brands Simply Be, Jacamo and JD Williams – has also moved its listing from the main stock market to the alternative investment market.
N Brown previously said the move is an opportunity to derisk by “eliminating unsecured net debt and bringing forward strategic investment.”
The equity raise was supported by Lord Alliance of Manchester who is the company’s biggest shareholder.
Speaking on the decision earlier this month, Steve Johnson, CEO of N Brown, said the business saw an opportunity to “capitalise” on the trends towards online retail.
He said: “The proposed capital raise will give us the firepower to invest further in our digital capabilities and accelerate our growth strategy, whilst significantly strengthening the Group’s balance sheet to provide us with ongoing flexibility and a strong platform from which to deliver returns for all of our shareholders.”
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