Register to get 2 free articles
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Matches Fashion has reportedly hired an advisory firm as it seeks a cash injection to help fund its turnaround strategy, according to Drapers.
The outlet reported that Matches has hired Teneo to explore funding options as it seeks around £50m with it citing a source that “all options are on the table”.
Last month, Matches posted an adjusted EBITDA loss of £33.7m for FY22. For the year ended 31 January, revenues slightly slipped to £380.1m, compared to £386.6m in FY21. However, order demand came at £758.2m, up 12% to £677.1m reported the previous year.
Matches has also updated its FY23 trading performance and expects to deliver £10m of operational cost savings which “will result in a material improvement in the losses incurred by the company”.
The fashion destination secured £20m of additional capital in June 2023 to support its growth plan, which was part of the previously announced £60m investment from owner Apax Partners.
At the time the company said it is “now confident” in the financial and operational progress and expects to drive a further material reduction in losses and fixed costs supporting a return to profitability.
A spokesperson for Matches told Drapers: “As we previously announced in November, we have started discussions with our shareholder and lenders regarding the renewal of an asset-backed lending facility due on 31 August 2024.”
Retail Sector has contacted Matches for comment.
