On the Beach Group has raised £26 million through the sale of new shares in the company.

The travel agent sold a total of 7,870,000 placing shares at a price of 330 pence each.

The figure represents around five per cent of the existing issued capital.

The price represents a discount of approximately five per cent to the closing share price of 348 pence per share yesterday.

Numis Securities and Peel Hunt acted as joint bookrunners for the placing.

On the Beach last month reported losses of £22 million for the first half of the year, as the company prepares to relaunch operations in September following the Covid-19 pandemic.