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Hot Tuna raises £1.5m

Surfwear brand Hot Tuna has raised £1.5m in an equity share placing to develop product ranges and increase production.

The board of Hot Tuna said that in addition to its two largest institutional shareholders, a “number of new high quality institutional investors” participated in the fund raising.

Hot Tuna said that its performance over the six months to December 31 2009 was in line with expectations and that sales had been hit by the challenging retail environment.

Sales fell to £271,000 against £619,000 the year before and pre-tax losses were £543,000 against a loss of £688,000 in the previous year.

Hot Tuna said it had signed new partnerships with etailers Asos and Amazon and that the company is in talks with partners about entering new markets.

Hot Tuna chief executive Geoff O’ Connell said: “The equity placing and new e-tail partnerships illustrate the continued support for the brand. We are now focused on growing the business and continuing our expansion into new markets.”

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