A MAJOR shake-up to give a new lease of life to Brackenbridge - the former Blackburn-based bridalwear firm Cupid - has been announced.

The loss-making firm hopes to raise £1.7 million through a rights issues and convert £1.75 million of debt into new shares. The firm, which owns the Cupid bridal gown factory in Blackburn, will also have a new chief executive in Charles Brine, currently managing director at formal wear hire company Langside Hire which Brackenbridge is proposing to buy.

And the company, whose shares were suspended on the stock market last September, will be renamed the Formal Group. The firm has announced pre-tax losses of £595,000 for the 12 months to March 31, 1995 and first-half losses of £450,000 for the six months to September 30.

Under re-financing, 101.3 million new shares have been placed with institutional investors and 88 million with existing shareholders on a one-for-one basis.

Cupid was founded by Blackburn entrepreneur Mike Murray in 1981.

The company was a huge success and by the end of the 1980s it was worth £7 million.

But in 1992, Mr Murray quit after a disagreement with the board.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.