Asos raises funds as it seeks turnaround after £291m loss

11 months ago 42

Analysts say still a risk firm could be forced to refinance again if recovery strategy is not successful

Asos is raising £80m from shareholders and borrowing £275m from Bantry Bay Capital, the specialist lender which recently bailed out troubled retailers Superdry and Matalan, as it struggles to secure a turnaround after falling nearly £300m into the red.

The online fashion specialist said it had raised the funds to give it the “financial headroom” to improve shoppers’ experience and return to profitability within a year by simplifying its processes, cutting costs and becoming more innovative.

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