Portfolio Update : HIRE AND SUPPLIES LIMITED - 12 October 2022
Capital for Colleagues plc / EPIC: CFCP / Market: AQSE / Sector: Investment
12 October 2022
CAPITAL FOR COLLEAGUES PLC
(‘Capital for Colleagues’, ‘C4C’ or the ‘Company’)
PORTFOLIO UPDATE – HIRE AND SUPPLIES LIMITED
Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business (‘EOB’) sector, is pleased to announce an update in respect of its investee company, Hire and Supplies Limited (‘H&S’), which is engaged in tool and plant sale and rental from branches in the west of Scotland.
As part of a funding round and capital reorganisation at H&S, Capital for Colleagues has sold its holding of ‘A’ ordinary shares in H&S for cash consideration of £0.97 million. The Company initially invested in H&S in 2014 and the ‘A’ ordinary shares were acquired by C4C in 2016 at a valuation of £0.30 million. Alongside its disposal of the ‘A’ ordinary shares, the Company has subscribed £1.21 million for new ordinary shares in H&S as part of the funding round.
Following these transactions, Capital for Colleagues is interested in 20.76% of H&S’s enlarged share capital.
Alistair Currie, Chief Executive of Capital for Colleagues, said:
“We have supported Hire and Supplies since 2014 and are pleased to have participated in this reorganisation and increased our investment in the company”.
David Chandler, Managing Director of Hire and Supplies Limited, said:
“Capital For Colleagues has been a valued business partner over many years, culminating in this most recent further investment and strengthening of our financial position”.
The Directors of the Company are responsible for the contents of this announcement.
For further information, please visit www.capitalforcolleagues.com or contact:
CAPITAL FOR COLLEAGUES PLC
Richard Bailey, Chairman
Alistair Currie, Chief Executive
John Lewis, Finance Director
01985 201 980
PETERHOUSE CAPITAL LIMITED
020 7469 0930
Capital for Colleagues plc
Capital for Colleagues is an investment company focused on the UK EOB sector. The Company has a proven management team, with a wide network of contacts and affiliates, as well as established access to investment opportunities, enabling the Company to execute its strategy and capitalise on EOB-focused investment opportunities. In addition, the Company educates and assists companies that are looking to launch employee ownership schemes, advising them, amongst other things, on how to secure investment and achieve their objectives.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).