Science in Sport raises more cash in retail offer
Science in Sport, the sports nutrition firm with a key supply chain site in Blackburn, has successfully raised an additional £0.5m in a retail offer, following completion of last week’s placing, which raised £8.0 million at 17p per share.
Now firmly controlled by entrepreneur Dan Wright, the placing of 47 million shares in the business represents just under 26% of the company’s issued share capital.
In a statement to the market this morning (8 July 2024) Wright said: “The widespread support from our retail shareholder base in this Retail Offer underscores the deep loyalty of so many consumers to Science in Sport’s world-leading brands.”
Key directors in the business will subscribe for £1m worth of shares as part of the placing.
Dan Wright
Wright, one of the original founders of NorthEdge, has gripped Science in Sport – originally a University of Liverpool spinout – and said the business is poised to return to sustained revenue growth in 2025 following a recent management shake-up.
In March this year the firm declared that “poor strategic decisions” had previously led to an “inflated operating structure”.
There was a changing of the guard at the top last October when CEO Stephen Moon stepped down with immediate effect to be replaced by current executive chairman, Dan White, who initiated a new management structure.
As part of a new management incentive plan Dan Wright has undertaken to cap his salary at £80,000 for the duration of the Growth Plan and the leadership team receiving awards under the Growth Plan have reduced their contractual annual discretionary bonus entitlements to no more than 50% of base salary.
Now formally headquartered in London, Science in Sport develops, manufactures, and markets innovative nutrition products for professional athletes, sports and fitness enthusiasts and the active lifestyle community. The Company has two brands, PhD Nutrition, an active-nutrition brand targeting the active lifestyle community, and SiS, a leading endurance nutrition brand among elite athletes and professional sports teams.
