Beautiful Books to raise cash

<p>Beautiful Books is having to look elsewhere for funds, after its bank overdraft was withdrawn, reports the FT.</p><p>The company has instead launched an offer for subscription under the Enterprise Investment Scheme. Once the money has been raised, the company will then be introduced to the Plus primary market. The prospectus shows that up to 4m shares are being offered for subscription at 15p a share, to raise up to &pound;600,000. If all the shares are taken up, the net proceeds after expenses are expected to be &pound;389,500.</p><p>By any measure, it is an astonishingly expensive way to raise money, notes the newspaper. But Simon Petherick said the company needed the cash to &quot;move from surviving towards investing in bigger and better books&quot; </p>