A new £20 million fundraising drive has been announced by Blacks Leisure, despite the fact that two months back, similar plans were thwarted by a big investor.

The outdoor-pursuits retailer, running the Milletts chain, remains locked in a disagreement with Mike Ashley. Mike Ashley is the owner of Sports Direct.

A total loss before tax of £46.9 million has been reported by Blacks yesterday. A loss before tax of £7.9 million was recorded by the ongoing estate.

Mr. Ashley made a £26.4 million acquirement offer for Blacks, in March. He withdrew it, after it was rejected by the board. The leisure retailer closed more than 100 stores as part of a rescue deal and it managed to save itself from administration in last November. Now, leisure retailer is requiring cash to accelerate its turn-around plan.

Blacks had reorganized its latest fundraising for getting it passed by a simple majority of investors.

Neil Gills, Chief Executive said, “The fundraising ... will enable us to pursue the crucial growth phase of our recovery plan”. He added that profits would enable Blacks to add 35 new stores and renovate its core estate.