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(Alliance News) - ITV PLC on Tuesday said it will subscribe for up to GBP2 million of convertible notes into Respoke Ltd, a menswear clothing firm behind the brand SPOKE.
This deal marks the second investment made by ITV AdVentures Invest, which is the FTSE 250 broadcaster's media for equity initiative, and will be made alongside the British Growth Fund, Oxford Capital and 24Haymarket.
Respoke will use the investment for television advertising purposes. For the year ended October 31, 2019, Respoke's gross assets were GBP8.1 million, up from GBP3.2 million.
"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," said Kelly Williams, managing director for ITV Commercial.
Shares in ITV were up 2.7% at 124.30 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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