Matches fires up equity raise to support turnaround

Matches is working with restructuring company Teneo to explore its options, as reported by Drapers.

According to sources, the luxury retailer has hopes of raising around £50m and “all options are on the table,” including equity from new investors.

Matches announced in January this year that its owner, private equity firm Apax Partners, had invested £60m into the business.

Despite this, it is understood that Apax Partners is not likely to provide any additional investment “at this stage”.

This comes as Matches told Retail Week last month that its priorities were to focus on getting the brand back to profitability and grow “customer love” after it posted an adjusted EBIT loss of £33.7m for the full year to January 31, 2023.

Matches also reported revenue of £380.1m for the year, down 1.7% year-on-year from £386.6m.

A Matches spokesperson told Retail Week: “As we previously announced in November, we have started discussions with our shareholders and lenders regarding the renewal of an asset-backed lending facility due on 31 August 2024.”