Pittards launch Proposed Management Subscriptions and Open Offer to raise up to £1.85 million
July 2023
Pittards is listed on AIM and was established in Yeovil in 1826 and has a heritage in the development and manufacture of performance leathers that are used by major brands around the world. Due to the technical nature of the leathers, Pittards is usually featured as a named component where it is used in products and has therefore built a branded reputation around the quality of its leathers.
Pittards now has tanneries in the UK and Ethiopia as well as finished product factories in both countries, allowing for vertical manufacturing at both premium and volume price points. It employs around 200 people in the UK and 1000 in Ethiopia.
UK finished product manufacturing is based at the Yeovil HQ and manufactures for third parties as well as its owned Daines & Hathaway and Hill & Friends brands.
Pittards Ethiopian finished product manufacturing has an expertise in gloves, footwear and apparel. It markets under the NTOTO brand locally and manufactures for third parties through a development services team in the UK.
Pittards has a long-established brand recognition in gloves and markets its own label for men and women focusing on high impact colour and reworked classics in a modern casual style.
Proposed Management Subscriptions and Open Offer to raise up to £1.85 million
The Fundraise is being structured as:
- An open offer giving existing Shareholders the opportunity to subscribe for 3 new Ordinary Shares for every 1 Existing Ordinary Share held, to raise up to approximately £1.72 million; and
- A proposed subscription for new Ordinary Shares by certain members of the Management Team to raise £125,000.
The Perivan shareholder communications team were delighted to work with WH Ireland who acted as Nominated Adviser to Pittards on the production and mailing of the Circular and Application Form which was posted to qualifying shareholders on 11th July 2023.
For further information, click here.
Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.
