Sosandar looking to raise at least 4 million pounds to accelerate growth

British womenswear brand Sosandar is looking to raise at least 4 million pounds to accelerate its growth.

The company has announced a proposed placing of no less than 18.18 million new ordinary shares via an accelerated bookbuild at a price of 22 pence per share.

Additionally, it plans to carry out a separate offer of up to 2.27 million new ordinary shares to raise further gross proceeds of up to approximately 0.5 million pounds.

Sosandar said it would use the net proceeds primarily “to accelerate the execution of its omni-channel strategy through further investment in stock, enabling increased provision of Sosandar's product range in-store with third party partners including Sainsbury's from Autumn Winter 2023 onwards”.

In January, Sosandar announced a new third-party partnership whereby it will sell a curated collection of its products through the Sainsbury's website, followed by a roll-out in selected stores later in 2023.

Sosandar to accelerate growth initiatives

The company said the proceeds will also be used to “create further balance sheet headroom to fast track other growth initiatives as well as enable accelerated investment in the company's proven customer acquisition model”.

Sosandar said a separate announcement will be made shortly regarding the retail offer and its terms.

In January, Sosandar reported record quarterly sales of 11.6 million pounds in Q3, up 30 percent from the previous year.

The company saw revenue growth across all sales channels and recorded its fifth consecutive quarter of profitability.

Co-CEOs Ali Hall and Julie Lavington said in a statement at the time: “The momentum built in H1 has continued and we are thrilled to report both strong revenue growth and improved margins compared with the first half of the financial year.”

Earlier this week, Sosandar confirmed the death of non-executive chair Bill Murray.

The company said Murray’s fellow board members and other colleagues were “deeply saddened” by the news and said he will be “missed by all who had the privilege of working with him”.