Jones takes 10% stake in Outsourcery

TECHNOLOGY entrepreneur Lawrence Jones has invested more than £1m in taking a 10.5% stake in loss-making listed cloud computing firm Outsourcery.

Jones, who with his wife Gail owns UKFast, the Manchester-based Internet hosting and data centres firm, will become the third-largest shareholder in Outsourcery behinds its co-chief executives Piers Linney and Simon Newton.

He told TheBusinessDesk: “They are a business with huge potential and I see long term synergies and immediate potential partnerships. A good investment has to have multiple upsides and this is one of those.”

Mr Jones has bought 5.55 million new ordinary shares in Outsourcery at 18p per share, a 12.5% premium to the closing price of 16p on Monday.
 
In a statement Outsourcery said: “UKFast and Outsourcery operate in adjacent markets but do not directly compete. Lawrence is investing in a personal capacity and the board of Outsourcery believes that this investment further strengthens Outsourcery’s ability to pursue and accelerate its growth, both through the injection of additional funds and the benefit of additional market insights and potential partnership.”

Outsourcery also reported revenue growth for the six months to the end of June with turnover rising from £3.4m to £4.1m and pre-tax losses falling from £3.8m to £3.3m.

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