Blacks to raise £20m through share offer
Blacks Leisure, the Northampton-based outdoor and leisurewear company, has announced this morning that it wants to raise £19.7m in a share offering, just three months after it abandoned its last fundraising drive, blaming interference from Sports Direct, which has attempted to take over the company. Neil Gillis, chief executive said: "We are delighted to announce another fundraising so quickly after the abandonment of the group's proposed February fundraise and the subsequent approach from Sports Direct. The fundraising proposals being announced today will enable us to pursue the crucial growth phase of our recovery plan. 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.” Blacks also posted its annual results this morning, including a loss before tax of £46.9m, which it said was in line with expectations.
