RBS fund sells 24% stake in Arrow Global

ROYAL Bank of Scotland has sold its stake in fast growing debt purchase group Arrow Global.

The bank’s Special Opportunities Fund backed the growth of the Manchester company as a private business and has now sold all 41.7 million shares, representing a 23.9% shareholding via a placing of shares to institutional investors.

The selling price was not disclosed, but based on Arrow Global’s market capitalisation of £444m, the RBS Special Opportunities stake is worth around £106m.

As a result of the disposal Lindsey McMurray and Ian Gascoigne, directors appointed to Arrow Global’s board by the fund, have stepped down with immediate effect.  

Goldman Sachs International and Jefferies International Limited acted as joint bookrunners on the placing.