Alexon Group has successfully raised £20.3m via a capital raising to help speed its recovery.
The womenswear business announced plans to raise the capital earlier this month and some 61.6% of the open offer shares have been taken by the market, while the remaining 38.4% have been allocated to existing shareholders, resulting in a capital raising of £20.3m.
The capital raising is subject to acceptance by shareholders at an Extraordinary General Meeting to be held this morning.
Jane McNally, chief executive at Alexon, said: “We are pleased that the capital raising has received support from both our existing shareholder base and new shareholders. As we look to accelerate our turnaround strategy and put the business on a better platform for future growth, we are encouraged by this support and look forward to the exciting next stage of our development.”