DFS raises £64m in new equity, braces for lockdown to last until December

DFS store fascia Bromley side view

DFS has raised £64m in its equity fundraising round, which the furniture retailer said will give the business headroom should the lockdown last “to December 2020”.

The furniture retailer has raised the additional funds through a share placing, which represents nearly 20% of the firm’s issued ordinary share capital prior to the placing.

Barclays and BNP Paribas are acting as joint global coordinators and joint bookrunners for the placing and members of the executive team, including chief executive Tim Stacey, have also snapped up additional shares. Stacey bought an additional 15,000 shares alongside six other directors who bought shares in the equity placing.

DFS has also received credit approval for a new 12-month bank facility of £70m from its existing lending banks.

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