N Brown’s new equity raise will be structured as a placing and open offer at a price of 57p per share and be fully underwritten by current majority shareholder Lord Alliance, who has a 45% stake in the business.

The capital raise comes alongside N Brown’s intention to move its listing from the main market to the junior AIM exchange.

Funds raised will be used “to strengthen the balance sheet and allow targeted investments to accelerate delivery of growth strategy to capitalise on the structural tailwinds in the group’s markets”.