// N Brown Group £100m equity raise approved by shareholders
// Shareholders also voted in favour of moving the company from the London main market to AIM
N Brown shareholders have voted favour of a £100 million equity raise as well as moving the company from the London main market to AIM.
The parent company of JD Williams, Simply Be and Jacamo said the funds will be used to remove unsecured debt.
The retail group’s net debt sat at around £410 million before shareholders voted on the capital raise yesterday.
The funds will also be used to investment in N Brown’s business strategy.
This includes a a new front-end experience for its retail websites, a new financial services platform, and “accelerated” marketing investment that is targeted at digital and social channels.
The whole transaction was underwritten by N Brown’s founder and biggest shareholder David Alliance.