// N Brown announces completion of £100m in capital raising
// The retail group moved over from LSE to AIM on Wednesday morning
N Brown Group on Wednesday announced it had completed its £100 million equity raising and moved from the London Stock Exchange over to the Alternative Investment Market.
The Simply Be, Jacamo and JD Williams owner said it will use the funds to remove unsecured debt and enable investment.
The transaction was underwritten by N Brown founder David Alliance, who is also the firm’s biggest shareholder.
READ MORE: N Brown sets out detailed plan to raise £100m after shareholder offers
Speaking on the decision earlier this month, N Brown chief executive Steve Johnson said the capital raising would enable the group to build on the strength of the business despite macro concerns for the wider retail sector.
“Securing the support of our shareholders, alongside the significant commitment made by the Alliance family, leaves us well placed to accelerate our strategic ambitions,” Johnson said at the time.
“While we are mindful of the ongoing uncertainty of the UK retail environment, we are confident we can continue to build on the unique strength of the group’s brands and remain focused on creating a sustainable business delivering profitable growth over the long term.”
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