Sosandar raises over £5 million via share placing
Women’s fashion retailer Sosandar has raised £5.77 million in new equity through a share placing.
The funds will be used to capitalise on growth opportunities with the company’s third party retail partners.
A total of 26,190,210 shares were placed by N+1 Singer, raising gross proceeds of approximately £5.24 million. In addition, non-executive director Andrew Booth subscribed for 150,000 subscription shares, raising gross proceeds of £30,000.
In addition, certain investors subscribed for 2,500,000 Primary Bid Shares, raising gross proceeds of £0.5 million.
Ali Hall and Julie Lavington, co-chief executives of Sosandar said: “We are delighted to have completed our successful fundraise, with both new and existing shareholders showing their support for the business and our growth plans. We are grateful for the strength of support shown by our existing shareholders and would like to welcome new investors to the company.
“Over the past twelve months we have demonstrated our agility by delivering increased sales, better cost efficiencies, increased engagement with customers and an expanded product range despite a very challenging and volatile market backdrop. It is clear that we have an offering that is resonating well with our customers and the desirability of our product range has been shown by being chosen to appear on the platforms of three major British retailers.”
In a trading update in April, Sosandar reported strong sales online with John Lewis and Next and also told of its successful launch with Marks & Spencer at the end of March.
