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Nigel TAYLOR Published
July 20, 2025
In a race against time, luxury leather goods producer/retailer Pittards has to raise an additional £1.16 million in funding by 28 July, or face the prospect of entering administration.
This comes despite the 197-year-old company having “successfully concluded” discussions with an unnamed trade investor to invest up to £1 million via the issue of up to 25 million new ordinary shares at a price of 4p per share.
But that offer is based on the company successfully raising a further £1.16 million of additional capital, plus new banking facilities.
So in a stark release to the London Stock Exchange on Thursday, it admitted that if it’s unable to raise the additional capital “the company would be unable to trade and would most likely be placed into administration”. It noted that move would mean “the prospects for recovery of value, if any, by shareholders would be uncertain”.
The AIM-listed company, which has been struggling within the challenging economic environment for much of the year, had planned to raise £255,000 in March with a placing of one million shares at a price of 25p per share.
Late last month, the company also announced it had agreed new banking facilities of £10.1 million but that was “on the condition of it being able to carry out a successful equity raise”.
Pittards is a leather materials supplier and also operates its own leathergoods label. Just under a year ago, it also acquired the brand and assets of Hill & Friends Limited, the contemporary luxury bag brand founded by Emma Hill and Georgia Fendley.