York-based Gear4Music turns up growth plans after raising £4.2m

Gear4music (Holdings) plc, the largest UK based online retailer of musical instruments and music equipment, has raised £4.2m with the completion of the placing.

The York-based business is set to use the new funds to fuel its expansion plans.

Gear4music reported that a total of 1,449,000 Placing Shares, comprising 610,000 New Shares and 839,000 Sale Shares, have been placed by Panmure Gordon at a price of 690 pence per share.

Panmure Gordon is acting as Bookrunner in connection with the Bookbuild.

Andrew Wass, Gear4music’s chief executive Officer, said: “We are delighted with the level of support for our oversubscribed fundraising.

“We would like to take the opportunity to welcome new shareholders onto our register as well as thank our existing investors for their continued support.

“We look forward to putting the funds raised to work in the Group in executing our organic growth strategy for the business.”

As part of the arrangements for the Placing, Mr Wass has agreed that he will not dispose of any interest in Ordinary Shares for a period of 12 months.

Mr Wass currently holds 7,886,993 shares in the business, which represents 39.1% of the issued shares.

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