sets a flotation price which values the company at £560 million

Online fashion retailer has set a share price of 50p each in its stock market flotation which has valued the Manchester-based company at £560 million.

It is listing its shares on AIM, London’s junior market, following rival Asos, who has already joined the market. Just last month, managed to recruit Peter Williams, a former non-executive director of Asos to its board, becoming a non-executive chairman. 

The company was founded back in 2006 by Mahumud Kamani and Carol Kane, the former of which has an 82 percent stake before the flotation which has now fallen to 24.5 percent. Kane also sees her 9.8 percent share fall to 4.6 percent. Around 55 percent of‘s shares are expected to be freely tradeable after flotation.

The company sells own-brand clothing to men and women, with a core market of those aged between 16 and 24. It had a promising period for sales in the 10 months leading up to December 2013, when sales rose 70 percent to £91.9 million.

Of the proceeds of its flotation, will us £240 million to repay convertible loans, while £50 million will be used for expansion and to enhance working capital.

Trading will start on 14 March, which comes after the news that several other high street and online brands will also be floated. Convenience store McCool’s, Poundland, Pets at home, Fat Face, B&M, and House of Frasier are all expected to come onto the market.

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