Overview
- The company said it is preparing a £35 million equity fundraising with participation from Mahmud Kamani, CEO Dan Finley and non-executive director Iain McDonald.
- It is in advanced talks with its lending syndicate to amend covenants and secure additional financial flexibility.
- Management reaffirmed guidance for about £50 million of adjusted EBITDA this fiscal year, with all brands trading profitably on an adjusted basis.
- Cost measures include lease expenses dropping from roughly £17 million to £13 million next year, with a further £6 million reduction when a vacant US lease expires, and capital expenditure cut from about £16 million to £8 million.
- Shares fell on Tuesday following the announcement, opening around 6.7% lower and sliding as much as 8% in early trading.