Blacks plans new stores in £20m fundraising
Blacks Leisure Group, the Northampton outdoor clothing retailer, has announced plans to open up to 35 new stores by raising £20.28m in share placements. The business will issue more than 40 million ordinary shares at 54p per share. In a statement to the stock exchange chief executive Neil Gillis said the proposals will “enable us to pursue the crucial growth phase of our recovery plan”. He added: “The proceeds will underpin a selective expansion of our outdoor retail estate by the addition of up to 35 new stores, in towns where we have previously traded successfully or which currently lack an outdoor retail offer, and accelerate the refurbishment of our core estate which has suffered from years of underinvestment.” In November 2009 Blacks agreed a Company Voluntary Arrangement which offered compensation totalling £7.25m to landlords of 101 unoccupied stores, equating to six months' rent at each store.
