UK online clothing retailer N Brown has moved to the AIM, the London Stock Exchange’s growth market, after completing its GBP100m (US$134.2m) capital raising this morning (23 December).
The group first outlined plans for a pre-emptive equity raise in November, noting the move would strengthen its balance sheet and accelerate profitable growth.
Go deeper with GlobalData
Chief executive Steve Johnson said at the time the capital raise will give N Brown “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 attractive returns for all of our shareholders.”
The announcement came amid a drop in first-half profit and revenue.
