Quindell raises £30m to fund NW deals

THE company which recently announced plans to buy Liverpool law firm Silverbeck Rymer for £19.3m as well as a 29% stake in Blackpool-based Ai Claims for £15m has raised £30m via a new share placing.

Quindell Portfolio said the placing of 470m new shares at 6.75p per share was oversubscribed. It added that the money would be used to fund acquisitions, as well as providing cash for further investment in existing companies and for working capital.

Rob Terry, chairman and chief executive of Quindell, said: “We are delighted with the support demonstrated by existing and new institutional shareholders.

“We believe this will provide the company with the platform to continue its stated growth strategy, both through organic development and acquisition.

“We met with several blue-chip institutions, most of whom purchased shares in this placing, having now fully understood the company’s market positioning and long-term growth potential.”

“This level of support is particularly important as the funds will be used to finance recent and future identified acquisitions, which will enhance the group’s cash generation as well as facilitating synergistic and organic growth.”