Notonthehighstreet seeks to raise 25 million pounds for expansion scheme
29 Mar 2016
Online marketplace Notonthehighstreet is currently in talks to raise 25 million pounds from new investors to fund and accelerate its expansion plans.
The UK retailer is said to have been approached by a number of unnamed, new investors keen to inject funds into the growing business to speed up its expansion, said sources on Monday to Sky News. The online marketplace will likely sell several of its shares in exchange for the investment, although the exchange is not linked to any plans for a potential float of business, added sources.
Nevertheless, the overall growth and value of Notonthehighstreet following its latest round of funds is likely to be close followed by the City as the retailer continues to grow. Notonthehighstreet was first founded by Holly Tucker and Sophie Cornish ten years ago and serves as an online platform for 5,000 small businesses selling fashion, jewellery and art. Turnover for the local business has grown from 134,000 pounds in 2006 to 156 million pounds in 2015.