Adili, the ethical etailer, said sales were up by more than 100% to the end of July, and that it was in the process of raising further cash from its largest shareholder to help it develop its own label.
Adili said that it planned to issue more shares at 5.5p each to Hawk Investment Holdings, which is the company's largest shareholder with 27.36% of the issued share capital. The deal will help Adili raise the additional funding it needs to finance its short and medium term working capital needs and the investment it needs for continued development of its own label offer.
Hawk Investment Holdings is owned by Bob Morton. Hawk Investments Holdings said it hoped to waiver any obligation to make a full bid for Adili under the Takeover and Mergers rules subject to approval by the Takeover and Mergers panel and shareholder approval.
Separately Adili said that it had cleared stock in its Sale period but that this had been achieved at lower margins than normal.