“Julian Dunkerton, the company’s founder and CEO, intends to significantly participate in the equity raise and provide a material underwriting commitment, reflecting his confidence in the long-term prospects of the business. A further announcement regarding the fundraising will be made in due course as appropriate.”

Press reports on Monday also said that the firm is on the brink of finalising its £15 million share sale.

The business is seeking to shore up its balance sheet as trading stays tough in the middle of the cost-of-living crisis and while its turnaround programme is still ongoing. 

And while battling the tough conditions out there is a key focus for it on the trading front, its latest plans underline the fact that finances have also been a major focus in the past few months.

In April it announced a deal to sell its intellectual property assets in Asia-Pacific to raise around £34 million and it has also unveiled further cost cuts that will save it a similar amount.

Then in late April it had also announced an agreement for amendments to its financing facility with its lender Bantry Bay. The latter “agreed to increase the borrowing availability level under its asset-backed facility until completion of the previously announced sale of the APAC business”.

And last December, it unveiled its new three-year financing package as its previous deal was set to expire soon after. The new deal gave it a loan facility of up to £80 million with Bantry Bay. 

While the interest rate on this is higher than its previous agreement, it said the revised facility is “operationally less complex to manage and covenant-light, giving us the necessary flexibility to navigate the current challenging macro-economic environment and continue to focus on driving our brand strategy forward”.