British luxury retailer Matches – formerly Matchesfashion – is said to have hired consultancy Teneo to oversee its efforts to raise equity capital as part of an ongoing turnaround strategy. The company is aiming for a capital increase of around 50 million British pounds (around 58 million euros), reports the news platform Draper. New investors are said to have already contacted the retailer.
FashionUnited has contacted Teneo for comment after the consultancy had already declined to comment on the matter to Drapers. Matches has not yet confirmed the information on the capital increase either..
The news follows a £60m investment by Apax Partners in Matches in January, which was split into £40m equity and £20m debt. At the time, the company confirmed the funding to news platform Sky News, saying that trading performance had been “very strong over the last few months” and that the company was well positioned to further advance its turnaround plan.
In November, Matches reported a year-on-year increase in losses from 37.5 million British pounds to 67.2 million pounds. Sales fell 1.7 percent to £380 million.
In announcing its full-year results, the company said it had begun discussions with shareholders about renewing an asset-backed lending facility due in August 2024.
This translated and edited post previously appeared on FashionUnited.uk.