News blog
Bagir Group Ltd
- BY: Andrew Hore |
- POSTED: 18/09/2016 |
Clothing supplier Bagir Ltd is raising £6.4m at 3.5p a share in order to repay the company’s remaining borrowings.
Bagir is also issuing the lenders 20.55 million shares as part of the debt restructuring. There was $21m of debt in the balance sheet at the end of June 2016 and net debt was $16.5m.
There was a $1.5m cash outflow from operations in the first half as the loss before tax was almost halved from $3.15m to $1.61m. Bagir almost broke even before interest costs. Revenues fell from $45.5m to $33.5m as UK sales halved following the loss of business from Marks & Spencer. The plan is to expand the customer base.
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