Online clothing retailer, N Brown, is looking to raise £100m by delisting its shares from the main market stock exchange and trading on the Alternative Investment Market.
The Machester-based group, which owns JD Williams, Simply Be and Jacamo, said the equity raise is fully supported by Lord Alliance of Manchester who is the ‘substantial shareholder’.
The group said it sees a compelling opportunity to derisk and accelerate its refreshed strategy by “eliminating unsecured net debt and bringing forward strategic investment.”
Steve Johnson, CEO of N Brown, commented: “Having restructured the business and transitioned to more than 90 per cent of revenues from digital, we now see a clear opportunity to capitalise on various industry drivers, not least the increasing trend towards online retail, and further improve our customer proposition.
“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.”
Rothschild & Sons Limited is acting as the lead financial adviser and joint sponsor along with Jefferies International Limited as joint financial adviser and joint sponsor to the company.
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