Unbound has appointed Interpath Advisory following the withdrawal of Marwyn Investment Management’s fundraising offer. The deal had promised £10m investment via an equity placing at an issue price of 10.5p per share. The Unbound board had accepted this rather than the offer it had previously received from WoolOvers.
A statement from Unbound to the stock market this morning said: “On 9 May 2023, Marwyn informed the Company that its funding proposal had been withdrawn, citing principally concerns over current trading. As a result, the Board confirms that discussions regarding the fundraise have been terminated with immediate effect.”
Unbound confirmed that trading has been challenging and that conditions have worsened despite its cost reduction efforts which targeted savings of £2.3m.
Interpath Advisory has been called in to assist the business in negotiations with its bankers and to find a way forward.
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