Blue Inc to float on AIM this month
Mens fashion retailer Blue Inc has announced plans to float on Londons Alternative Investment Market later this month.
With the share price yet to be disclosed, the company said it will seek to raise up to £15 million through the flotation which it will use to roll out a new store format, expand its store estate, and to fund product development. In addition, Blue Inc will also invest in marketing and promotions to increase its online presence.
The retailer, which operates 240 stores across the UK and five overseas franchise stores, achieved sales of £98.7 million and EBITDA of £4.5 million for the year ended 31 December 2013.
Blue Inc chief executive Steven Cohen said: "We have built a strong position in male-focused young fashion over recent years. By leveraging the strength of our customer proposition and focusing on the style and value of our product offering, we have been able to deliver significant growth both organically and by acquisition during the recession.
“An IPO is the next exciting step in our strategic growth plan. We are proud to have created over 2,000 new jobs across the UK and look forward to the next phase in the company's development with tremendous opportunities ahead."
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