DTZ has raised £48.7m of new equity through a sale of shares.

In a strong take-up for its firm placing and placing & open offer, which was launched on 19 December, DTZ said this afternoon it had received £35m from its largest shareholder SGP Investors and £13.7m from other existing and new investors.

Of the shares on offer in the placing & open offer 77.3% were sold. The strong take-up came after DTZ’s share price after Christmas stood at or just above the share sale price of 27p, making it an attractive offer for investors.

The new equity will ensure DTZ survives and can restructure its debt with Royal Bank of Scotland. New chief executive Paul Idzik, who is being paid £2m in his first year, is carrying out a review of underperforming operations.

The result of the review is expected to be completed in the summer by the time the firm publishes its full-year results.