RETAIL chain Blacks Leisure has asked City investors for more than £20 million to help fund a major overhaul and expansion of its estate.
The group, which operates its own brand shops as well as the Millets chain, is planning up to 35 new stores and the refurbishment of existing sites.
Blacks said the move represented the “crucial growth phase” of its recovery after a deal with landlords in November helped secure its future.
It will finance the strategy through the placing and open offer of new shares, which it hopes will generate net proceeds of £20.3 million.
Chief executive Neil Gillis said the company’s recovery plan had left it “stronger”.