Debt deal costs Knowles 20% of his business
28th June 2012
PROPERTY entrepreneur Tim Knowles gave up 20% of the shares in First Investments' parent company, Acepark, in the debt-for-equity restructuring agreed with Deutsche Bank last year, according to newly-filed accounts.The Chorley-based company acquired the rights to £20m of debt owed to funder Deutsche Bank by subsidiary Lea Valley in return for the equity. As a result, an inter-company debt of £18.3m owed by Acepark to Lea Valley has been cancelled, with the exceptional credit generating the bulk of the company's £1......for the full story register now for free or login below...
More News News Archive
- Register Now For Free!