Pure London organiser Hyve Group mulls equity fundraise

Hyve Group, the organiser of leading British fashion fairs Pure London, Moda and Jacket Required, has confirmed that it is considering an equity fundraise to mitigate the impact of Covid-19 on the business.

The company said it was continuing “to take decisive action and is reviewing all options to secure the group's long-term financial position”, including a potential equity fundraise.

It also said it is “engaged in constructive dialogue with the group's lenders in relation to covenant headroom and facility flexibility and has already secured a waiver of the June 2020 covenant tests under its debt facilities.”

It added: “The board remains confident that the group's strategy of focusing on market-leading events provides a strong platform to return to growth post the current crisis and its priority remains to safeguard the group's customers, colleagues and communities during this period of uncertainty.”

The fashion trade fair industry has been hit hard by the coronavirus pandemic, with leading shows in Paris such as Tranoï and Unique being cancelled, and Pitti Uomo in Milan being pushed back from its usual dates in June to September.

Photo: Pure London, courtesy of FashionUnited