Dragon takes control of eXpansys
INVESTORS in North West smart phone retailer eXpansys have approved plans for a share placing which will give Dragons Den star Pete Jones an 81% stake in the business
At a general meeting shareholders in the Manchester company gave the green light for the placing of 133 million new shares to be issued to Mr Jones’ Virtual Phone Shop business at 1.5p.
eXpansys, which operates 50 websites in 12 languages, will raise £2m for working capital and to pay creditors. It previously said it could not raise cash from any other source on “commercially acceptable terms” in the current credit climate.
Revenue in the six months to October 31 last year slipped from £32.3m to £25.3m, while losses rose from £869,000 to £1.08m.
