News blog
Adili
- BY: Andrew Hore |
- POSTED: 05/10/2008 |
- COMMENTS: Add yours
Online ethical clothing retailer Adili has raised a further £1m.
A share placing at 5.5p a share is raising £360,000 gross. Bob Morton’s company Hawk Investment Holdings is providing a £640,000 convertible loan facility for Adili. The facility lasts for 364 days and the annual interest rate is 12%. Hawk is also subscribing for £140,000 worth of shares in the placing. Conversion of the loan would give Hawk 48.5% of Adili’s share capital.
At the end of April 2008 there was still £707,000 in cash in the company’s balance sheet. Cash will be required to buy additional stock as well as for developing the Adili brand.
It is still early days for the retailer and revenues are being built up. Adili generated revenues of £354,000 in the year to April 2008. The loss was £1.59m.
Revenues have more than doubled in the first four months of this financial year. Management hopes that the growth will accelerate as the company adds products to its range ahead of Christmas.
Nick Samuel, the former boss of women’s fashion retailer Hobbs, has been appointed chairman. His experience of growing fashion retailers will be useful to Adili.
At 5p a share, values Adili at £1.42m - prior to the latest share issue.
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