Asos is looking to raise £75m in cash from shareholders and it has refinanced in an attempt to strengthen its balance sheet. 

The fundraising is underwritten by three shareholders and it has launched a separate offer of up to £5m in ordinary shares at a price of 418.1p per share, the price of stock at closing yesterday when it announced the move. 

Asos has also entered into £275m of loans and credit with Bantry Bay Capital, running until April 2026, replacing its current facilities that were due to expire in 2024. 

In a statement to shareholders, Asos said: “This new capital structure provides increased flexibility against a challenging macroeconomic backdrop and the stability to focus on long-term value creation. The new asset-based financing facility provides simplicity under a single lender and is covenant light.” 

Earlier this month, Asos reported an adjusted loss before tax of £87.4m for the six months to February 2023. Group revenue fell 8% to £1.8bn, down from £2bn during the same period the previous year.