Nick Scali will enter the UK, buying Fabb Furniture, which has 21 stores and will be rebranded to Nick Scali.
To fund the deal, Nick Scali will raise fresh equity via a $46 million underwritten institutional placement, and a $4 million conditional placement to CEO Anthony Scali. In addition, there is a non-underwritten SPP to raise up to $10 million.
Nick Scali said its written sales orders gained 1.2 per cent to $326.2 million over the nine months ended March 31.
Nick Scali is acquiring a specialty UK home furniture retailer to break into the British market and rebrand the business in its own name, taking its successful model global for the first time.
The retailer flagged an equity raising of up to $60 million to fund the purchase of Anglia Home Furnishings, which trades as Fabb Furniture and was founded in 1979 as a co-op and later owned by a property company. Fabb’s 21 stores are in retail parks across the UK.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
