Luxury leather goods producer and retailer Pittards is in urgent need of £1.16 million in funding by 28 July to prevent the company from going into administration. Despite discussions with a trade investor who has agreed to invest £1 million, this offer is contingent upon Pittards successfully raising the additional capital and securing new banking facilities. Failure to do so would leave the company unable to trade and would raise uncertainty regarding the recovery of value for shareholders.
Throughout the year, Pittards has faced challenges in the difficult economic environment. In March, the company had planned to raise £255,000 through a share placing. Last month, it announced new banking facilities of £10.1 million, pending a successful equity raise.
Pittards, listed on the AIM, is a prominent supplier of leather materials and operates its own leathergoods label. A year ago, it acquired the brand and assets of Hill & Friends Limited, a contemporary luxury bag brand founded by Emma Hill and Georgia Fendley.
The announcement of the urgent need for additional funding intensifies Pittards’ already precarious situation. The company now finds itself racing against the clock to secure the necessary funds and avoid administration.
To learn more about Pittards and its challenges, please visit [Link 1]. For information on the luxury leathergoods industry, click [Link 2].
