Portmeirion fundraising was oversubscribed
Panmure Gordon acted as joint broker and nominated adviser for Portmeirion Group’s successful £10.66 million fundraising through a placing and subscription.
Portmeirion, the designer, manufacturer and worldwide distributor of high-quality homeware brands, will use the proceeds to fund its growth strategy and margin improvement. The fundraising was oversubscribed and attracted significant interest from new institutional shareholders.
In particular, the funds will enable the company to:
- accelerate all online channel sales growth and increase next day delivery warehouse capacity;
- extend the Wax Lyrical line to hand and body products;
- build a more significant presence in Canada and revitalise the Canadian market;
- invest in UK manufacturing efficiencies driving improved operating margins; and
- maintain a strong balance sheet.