Share price rallies at north Notts construction firm after steep falls

X The Business Desk

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Huthwaite construction firm nmcn saw its share price dive on Monday (June 21) as it emerged that former chief executive of the Stobart Group had rescued the troubled firm.

Andrew Tinkler, through an investment vehicle called Svella that he set up with former Stobar colleague Ben Whawell, will come to the rescue of nmcn by lending it tens of millions of pounds in funding.

Svella will provide a bridging loan of £10m to nmcn and provide new equity of £14m as part of a deal which will give Tinkler a majority stake in nmcn.

Shares on Monday afternoon were changing hands 155p each – down over 21% on their opening price.

However, a late rally saw shares close down by just 3.5% at 190p each.

nmcn has seen its share price nosedive by almost 41% since the turn of the year as it has struggle with the aftermath of the pandemic.