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.
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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.
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