Luxury retailer Matches has recruited restructuring firm Teneo to explore its funding options.
The luxury fashion business is understood to be working with the advisory firm as it looks to raise money to fund its ongoing turnaround plan, Drapers reported.
An industry source said the company is hoping to raise around £50m and “all options are on the table”, including fresh equity from new investors.
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Matches secured a £60m investment by its private equity backer Apax partners in January, which included £40m in equity and £20m of new debt.
However, it is understood the firm is not looking to provide additional investment at this stage.
Last month, the retailer reported it had widened its losses from £39.8m to £70.9m for the year to January 31 2023. Sales slipped 1.7% for the period to £380m.
When it unveiled is results, Matches said that it had started discussions with shareholder and lenders about the renewal of an asset-backed lending facility, which expires in August 2024.
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