N Brown set to unveil £100m cash injection
Home shopping group N Brown is poised to unveil a £100m cash injection along with its interim results tomorrow, it has been reported.
According to Sky News the Simply Be and Jacamo parent will announce a deal that could result in its chairman, Lord Alliance, becoming its majority shareholder and its listing shifting from the main London Stock Exchange to the junior market AIM.
The report says that the deal will take the form of a placing and open offer, and will be fully underwritten by Lord Alliance, who already owns 45% of the business.
His offer to underwrite the investment could result in Lord Alliance becoming the majority shareholder if other investors do not take up their full share allocation.
The cash would be used to pay down the company's debt and invest in its digital platform. Traditionally a catalogue business, which formerly had retail stores, N Brown has been pivoting its focus to its digital business in recent years.
As well as plus-size women's specialist Simply Be and plus size men's specialist Jacamo, the group also owns the JD Williams brand that specialises in clothing for the 45-plus woman and Ambrose Wilson which targets a mature customer.