Glasses Direct, the online prescription eyewear retailer founded by Jamie Murray Wells, has embarked on a multi-million pound fundraising drive to support the company's rapid growth programme, it has been reported.
Although, no official figures have been confirmed by the online entrepreneur, a source told the Daily Telegraph last week (February 28) that Glasses Direct was aiming to raise between £6m and £8m.
According to the newspaper, in accounts filed at Companies House last Friday, Glasses Direct's auditors adopted a cautious tone on the likely success of the fund-raising exercise.
It was also reported that Glasses Direct was operating at a loss and the newspaper quoted its auditors as warning investors and suppliers that 'there can be no certainty in relation to either the timing or the amount of any new funding becoming available.'
Accounts filed at Companies House also stated: 'The directors therefore consider that these matters give rise to a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern.'
Speaking about the issue of raising funds, Murray Wells, told the Daily Telegraph: 'It's not the easiest time to raise money and everyone has to appreciate that with any companies' accounts. It's touch and go for any company.'
He added: 'All entrepreneurs have to build up debt. You can read that one way, but we have the support from our investors. It's the way that high-growth companies operate.'
Retail sales for the company reportedly rose to £4.5m in 2008, in comparison to £2.5m in 2007.
A spokeswoman for Glasses Direct confirmed to Optician that the company was looking to raise funds, but she would not be drawn on the figure concerned and declined to comment further.