ITV PLC ITV investment in menswear brand Spoke (5155X)
05 May 2021 - 1:00AM
UK Regulatory
TIDMITV
RNS Number : 5155X
ITV PLC
04 May 2021
4 May 2021
ITV ANNOUNCES INVESTMENT IN MENSWEAR BRAND SPOKE
Second Transaction under New Media For Equity Programme
ITV AdVentures Invest, ITV's new media for equity initiative,
has concluded its second investment in Respoke Limited, the company
behind the premium custom-fit menswear brand SPOKE. ITV Adventures
Invest's first investment, in the location service what3words, was
concluded last month.
ITV has agreed to subscribe for up to GBP2m of convertible loan
notes in Respoke Limited in three tranches. ITV joins a respected
group of shareholders, including the British Growth Fund, Forward
Partners, Oxford Capital and 24Haymarket.
SPOKE will use ITV's media investment to bring its brand message
to British men through the power of TV advertising, embracing high
style, smart functionality and perfect fit. SPOKE has combined
extensive tailoring experience with the power of digital technology
to offer a bespoke experience previously only reserved to
tailor-made fashion and has already acquired 150,000 happy
customers, with a third of them returning to purchase within 90
days; a level of loyalty rarely seen in ecommerce.
Ben Farren, Founder and CEO of SPOKE adds: "ITV is the perfect
media partner for us at this crucial stage, as we seek to
accelerate our growth and drive our brand awareness to the next
level. We were impressed not only with ITV's reach, but also the
approach and flexibility of the media strategy which protects and
elevates the SPOKE brand "
Kelly Williams, Managing Director ITV Commercial, said: "We are
extremely pleased to be making our second media for equity
investment so quickly after the first. What impressed us most about
SPOKE was the authenticity of the brand and the fact that it truly
delivers on the product promise to its customers. We're really
excited to help the brand grow and bring their unique offering to
many more potential customers through ITV's reach. "
NOTES:
1. The convertible loan will be held at its fair value on ITV's
balance sheet and upon conversion, the investment will not be
consolidated.
2. Each tranche of the loan notes will become convertible at the
time of future qualifying financing rounds, on a change of control
or at the latest backstop date of 31 August 2023. The conversion
price for each tranche will be calculated at a discount to the
company valuation at the time of any future financing round,
subject to a valuation cap. If the conversion takes place at the
backstop date then the conversion price will be set at a
predetermined price.
3. In the unaudited accounts of Respoke Limited for the year
ended 31 October 2019, reported gross assets were GBP8.1m and the
net loss was GBP3.2m.
4. This disclosure is being made in accordance with listing rule
10.4.1 as the parties have agreed to certain customary minority
rights and obligations upon conversion of the loan notes including,
but not limited to, tag-along rights and drag obligations.
About SPOKE
SPOKE is a direct to consumer menswear brand focused on personal
service and flawless fit. There is little in this life worse than a
poorly fitting pair of trousers - so seven years ago the team at
SPOKE set out to banish them forever, with a custom-fit approach.
Half a million pairs later, they now cut their strides to order in
over 400 sizes. SPOKE have created a full range of bottom-half
staples for the modern man - running the board from casual
drawstring chinos, to Italian wool 'Smarts' and razor sharp
denim.
About ITV AdVentures Invest
ITV Adventures Invest is a Media for Equity programme which sees
ITV take minority stakes in early stage digital and
direct-to-consumer businesses, alongside venture capital
investment, in return for advertising inventory across ITV's range
of market-leading channels and the ITV Hub. The initiative will
serve as an innovative opportunity for early stage businesses
seeking to build scale through TV advertising, alongside a
strategic media partner.
For further enquiries please contact:
Investor Relations:
Pippa Foulds: +44 7778 031 097
Faye Dipnarine +44 207 157 6581
Media Relations:
Paul Moore: +44 7860 794444
Laura Wootton: +44 7917 862 293
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