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Asos has announced that it has raised £75m from shareholders as well as landing a lucrative refinancing deal based on its assets.
The online retailer has made a deal with Bantry Bay for a £275m asset-based financing facility which runs till April 2026.
The company estimates that there will be 11% annual interest on the credit.
The £75m the company received from shareholders has been fully underwritten by three shareholders, including the investment vehicle of Bestseller, owned by Anders Povlsen.
Alongside this, the retailer has also launched a separate retail offer of ordinary shares worth up to £5m.
The fundraising comes as new boss José Antonio Ramos Calamonte looks to cut costs as the business faces huge losses.
The company has launched a £300m “cost saving and optimisation programme” which has so far seen job cuts, warehouse closures and a mass stock write-off.
Asos reported a pre-tax loss of £290.9m for the six months to 28 February, compared with a £15.8m loss the year before.
