Asos raises £75m alongside £275m asset based refinancing deal
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
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
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.
