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Hot Tuna hooks £2.5m through equity deal

Surfwear label Hot Tuna will receive an extra £2.5 million equity funding to enable expansion after signing a deal with Cornell Capital Partners private equity fund. The brand was floated on the stock exchange in September 2005 and has secured accounts for its first full season this spring since its 2006 relaunch, with retailers such as East Anglia-based eight-store surfwear chain Fluid and Midlands-based Two Seasons, which has seven shops. Model and entrepreneur Elle Macpherson was made executive director at Hot Tuna last July, to advise on product development, brand positioning and sales strategy. The label has a market capitalisation of £11.5m.

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