N Brown announces 100 million pound fundraising

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
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