Luxury jewellery retailer Theo Fennell is exploring options to raise funds through an equity placing as turnover fell 20% on a like-for-like basis in the six months to September 30.
The company is currently implementing a turnaround with Theo Fennell and former boss Barbara Snoad returning to the board in June.
Theo Fennell said retail sales for October and November were up 38% on last year and it had experienced strong Christmas trading in the first two weeks of December.
It said that the fundraising planned for 2010 would ensure the business had resources to implement strategy and accelerate growth.
Theo Fennell chairman Rupert Hambro said the board was pleased by the amount of work completed so far on the turnaround. “Although sales for the initial period of trading in the key Christmas period have been very encouraging the final weeks to December 24 remain vitally important. We continue to believe in the significant potential for the future growth of the business,” he said.