Tailoring supplier Bagir Group, whose customers include the likes of Marks & Spencer and Arcadia, has been valued at just over £28m following its IPO on London’s Alternative Investment Market today.
The company has raised £20m through the listing, which Drapers reported on earlier this month.
Bagir, which was founded in 1961, licences brands including Simon Carter, Austin Reed’s AR Red and Jay Godfrey. It also supplies suits to Burton, John Lewis, TK Maxx and House of Fraser. Bagir claims it has a 40% share of the formalwear business at both Arcadia and M&S.
The supplier said it would use the cash raised to pay off bank loans of $9m (£5.4m) and repay credit of around $7m (£4.2m).
It will also be used to provide working capital for future growth and invest in Bagir’s Ethiopian production facility, IT and research and development departments.
N+1 Singer acted as nominated adviser and sole broker.
Bagir chief executive Danny Taragan said: “We have received solid support from investors and have raised £20m in a placing that will be used to pay down existing debt and provide working capital to support the group’s future growth. We would like to welcome our new shareholders to the register and look forward to updating them on our progress.”
Bagir manufactures in China, Jordan, Myanmar, Vietnam, Romania and Egypt. It focuses on menswear, womenswear private labels, corporatewear and company-own brands.
It claims to have 12.5% of the UK men’s formalwear market.
For the year ended December 31, group sales stood at $99.5m (£59.5m), with EBITDA at $6.1m (£3.6m).