Online women’s fashion brand Sosandar has revealed plans to raise almost £6m to invest in stock from the autumn and winter season onwards and extend its partnerships with retails such as John Lewis, M&S and Next.
The Wilmslow-headquartered listed company added that it wants to “capitalise on the growth opportunity” with its third-party retail partners where currently on average only 9% of Sosandar’s total product range is available for sale.
It also wants to provide additional funding to engage with other third party partners in the UK and internationally and secure additional working capital and further balance sheet flexibility to support other “incremental growth initiatives”.
The AIM-listed company has proposed placing 26,190,210 new ordinary shares of 0.1 pence each which will be conducted via an accelerated bookbuild at a price of 20 pence per share in order to raise approximately £5.24m before expenses.
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
By bringing together North West coverage with that from across Reach’s titles in England and Wales, BusinessLive will shine a spotlight on the entrepreneurs, the stars of the future and the small firms that are the backbone of our economy.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
The placing shares will represent approximately 13.6% of the existing issued share capital of the company.
In addition, one of the company’s directors intends to subscribe for 150,000 new ordinary shares on equivalent terms and conditions and at the same issue price as participants in the placing, raising a further £30,000 of gross proceeds for the business.
At the same time, there will also be an offer of 2,500,000 new ordinary shares to raise further gross proceeds of up to £500,000, to be made by the company via the PrimaryBid platform offered by PrimaryBid Limited.