Quindell Portfolio in £200m fundraising

LEGAL, insurance and telecoms outsourcing group Quindell Portfolio has raised £200m in a share placing.

The AIM-listed group is based in Hampshire but has acquired four North West businesses in the last two years.

These are: Prescot-based legal costs consultancy and costs drafting firm Compass Cost Consultants; Liverpool-based Intelligent Claims Management and law firm Silverbeck Rymer, and Blackpool’s AI Claims.

In a statement Qunidell said: “The company intends to use the proceeds of the placing to fund the working capital requirements of new contracts, which are expected to be entered into in the coming months and to enable the group to capitalise on additional new business opportunities, further build its market share and support its goal of becoming the leading supplier of technology based insurance and telematics solutions globally.”

It said there was strong demand from new and existing institutional investors for the placing which priced the shares at 16p.