Flying Brands has raised £1.76m in a share placing to repay part of its outstanding debt.

The multichannel retailer said that the placing has been raised with new and existing shareholders of 2,344,582 new units (each unit comprising one ordinary share of one pence in the company and one ‘A’ ordinary share in Flying Brands Holdings) at 75p per unit.

The placing was arranged jointly by Singer Capital Markets and Liberum Capital.

Flying Brands operates businesses such as Flying Flowers and Gardening Direct.