MySale, the struggling online fashion retailer backed by Sir Philip Green, on Thursday vowed to bounce back from a difficult spell in the UK as it raised more money.
The AIM-listed firm has raised a further £1.6 million from shareholders through an open offer.
That follows £11 million raised in a discounted share placing this summer, including from Shelton Capital, Green’s wife’s investment vehicle, which owns a 20% stake.
The money will be used to pay down debts and invest in the firm.
MySale allows brands to sell off left-over stock in flash-sale discounts direct to shoppers in Australia and New Zealand. However it ran into trouble after expanding in 2015 to start buying goods itself in the UK to then sell on.
Boss Carl Jackson said: “We spread ourselves too thinly and were competing against established retailers. We have since sold the UK website and will concentrate on selling clothes on behalf of brands, rather than buying and selling it ourselves.”
