Matches reportedly seeking cash injection

Luxury retailer Matches – formerly Matchesfashion – has reportedly appointed the advisory firm Teneo to oversee its efforts to raise equity amid an ongoing turnaround strategy.

The company is understood to be targeting a raise of around 50 million pounds, according to Drapers, with the media outlet further noting that “all options are on the table”, including fresh enquiry from new investors.

FashionUnited has contacted Teneo regarding the speculation, however Drapers stated that it had declined to comment on the matter, while Matches had further declined to confirm the figure.

The report comes on the back of a 60 million pound investment into Matches made by Apax partners in January, which had been split 40 million for equity and 20 million for debt.

At the time, the company confirmed the financing to Sky News, stating that while its trading performance had been “very strong in recent months”, it was “well-placed to continue to drive [its] turnaround plan”.

In November, Matches had reported widening losses during the year to January 31, with operating losses up from 37.5 million pounds to 67.2 million pounds. In addition to this, revenue also fell 1.7 percent for the period to 380 million pounds.

At the time of announcing its full-year results, the company said that it had begun discussions with shareholders about the renewal of an asset-backed lending facility due in August 2024.