Online retailer moves to AIM after £100m fundraise
Online retailer N Brown has joined the Alternative Investment Market this morning as part of a strategic shift that saw it raise £100m last month.
The Manchester-based group sees it as a compelling opportunity to derisk and accelerate its refreshed strategy by eliminating unsecured net debt and bringing forward strategic investment.
The group’s largest shareholder, Lord Alliance, now owns 40% of the business while a wider connected group including his son Joshua control 52%.
Joshua Alliance has also joined the board as a non-executive director from today.
N Brown chief executive Steve Johnson, speaking previously, said: “Having restructured the business and transitioned to more than 90% of revenues from digital, we now see a clear opportunity to capitalise on various industry drivers, not least the increasing trend towards online retail, and further improve our customer proposition.”
In November the group revealed turnover for the six months to August fell 18% to £357m, while pre-tax profits were down 25% to £14.1m.