Marlwood raises £800,000 to fund opportunities
A STOCKPORT-based company whose shares are listed on the Cayman Islands Stock Exchange has raised more than £800,000 through a share issue with a group of high net worth investors.
The company, which acquires the licences for branded ranges of goods that are then sold to high street retailers through its Licence Factory subsidiary, said that it raised £809,000 (£760,000 after expenses).
Some £175,000 of this will be spent on new licenses to add to its portfolio of brands, £100,000 will be spent on improving its current ranges of branded products and £485,000 will be spent on improving stock and providing extra working capital to the business.
The money was raised by issuing more than 80.9m new shares at 1p per share.
The fundraising follows an earlier exercise in December to raise £1.5m, which was used to invest in stock needed to fulfil orders and “alleviate immediate cashflow difficulties” by settling trade accounts with suppliers.
A statement issued by the firm said that its directors were “delighted the existing shareholders and new investors have supported the company in its pursuit of growth”.
“The business we operate in requires high levels of working capital and therefore to exploit new opportunities, of which we believe there are several, we must invest in licences and stock”.
The Licence Factory operates from the Newby Road Industrial Estate at Hazel Grove in Stockport. It is run by managing director Pam Hulme.
