N Brown completes £100m equity raise and moves to AIM
N Brown, parent of Jacamo and Simply Be, has completed a planned £100m equity raise and a move to London's junior stock market AIM.
The group revealed its plans in November and the move completed this morning, it confirmed in a statement.
The fund raise, which was underwritten by N Brown founder David Alliance, will allow the online fashion group to remove unsecured debt and to carry out investment.
Priorities for investment include a new front-end experience for its brand websites, a new financial services platform, and an accelerated marketing plan.
In November the group revealed 28.9% drop in adjusted profit before tax for the 26 weeks to 29 August to £22.6m. Interim revenues slid 17.6% to £356.7m
N Brown, which has a background in catalogues and formerly operated physical retail stores, said that it was now achieving 92% of its sales through its digital channels thanks to its digital transformation strategy.
The company, which specialises in plus size and mature clothing ranges, has also been streamlining its brand portfolio with the High & Mighty brand merged into Jacamo and House of Bath into Ambrose Wilson.
