KCP makes £9m exit from Gear4Music
THE backers of Gear4Music’s IPO last year and its senior team have sold major stakes in the business.
Key Capital Partners, which were ‘instrumental’ in the company’s IPO last year, have sold £3m worth of shares today, 829,482 at 360p per share – the last of its remaining 4.1% stake.
Yesterday KCP had announced it had sold 2m shares at 300p per share, taking the total sale up to £9m.
It said it no longer had a notifiable interest in the company and non-executive director Peter Armitage, who is a KCP member, will step down from the Gear4Music board with immediate effect.
Meanwhile, chief executive Andrew Wass sold 400,000 shares and non-executive director Dean Murray sold 75,000 shares, bringing their shareholdings of the issued capital of the company to 39.1% and 1.2% respectively.
Mr Wass said: “Key Capital’s decision to invest in the business in 2012 has been integral to our subsequent development and setting us on the path to growth.
“With Peter stepping away from the Board, now would seem the appropriate juncture to recognise the very significant contribution they have made over a number of years. I would like to wish both Peter and Key Capital all the very best in their future endeavours.”
KCP have been involved in the business since 2012. When Gear4Music floated in May 2015, raising £10.3m and valuing the company at £28m, the funders doubled their investment in the business
