Blacks Leisure seeking £20million to fund growth and revamp
05 February 2010 10:43
Outdoor clothing specialist Blacks Leisure is today asking City investors for around £20 million in order to fund its proposed expansion and overhaul of its store portfolio. The group is seeking to generate the cash through a placing and open offer of new shares. Should it prove successful Blacks is understood to be set for a 35-store expansion programme and will redress underinvestment in some of its existing stores.
Commenting on the proposals, Neil Gillis, chief executive said: "The fund raising proposals being announced today will enable us to pursue the crucial growth phase of our recovery plan. The proceeds will underpin a selective expansion of our outdoor retail estate by the addition of up to 35 new stores, in towns where we have previously traded successfully or which currently lack an outdoor retail offer, and accelerate the refurbishment of our core estate which has suffered from years of underinvestment. With a clear and well financed recovery plan now in place, Blacks Leisure is in a stronger position than it has been for a number of years to realise the potential of its market leadership position in outdoor retail and deliver returns to shareholders."
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