Investbx sold to former board members
THE sale of Birmingham’s online stock exchange Investbx to former board members is expected to be completed shortly following an undisclosed deal.
The move, predicted by TheBusinessDesk.com last month, had been widely anticipated as the process of the disposal of assets at regional development agency Advantage West Midlands continues.
The buyers are believed to comprise former Investbx chief executive Sue Summers and former board member John Handley, who have set up their own company called Colmore Row Managed Services.
Ms Summers, moved to new body Finance Birmingham in December when the non-stock exchange arm of Investbx transferred to Birmingham City Council’s new Business Loan Fund.
The local authority is thought to have been keen to continue the work of the stock exchange, which was set up to improve access to finance for high growth firms struggling to secure backing through the banks.
Ms Summers had hinted at her new role to TheBusinessDesk.com last month but had said commercial confidentially forbade her from disclosing the exact details.
The exchange’s holding company appointed accountant Mazars in January to find a potential buyer and an advert was placed in the Financial Times inviting expressions of interest.
In its AWM Asset Liability Plan 2011, which is expected to be signed off today by the Department for Business Innovation and Skills, AWM said its intention was to dispose of Investbx by the end of March to a private sector party using “an open and transparent tender process”.
Once the sale is concluded, the Investbx group will be wound up and the proceeds paid back to the development agency.
The exchange was launched four years ago with a view to helping high growth businesses find the funding they needed. Financing of up to £2m could be available with investors using the online platform to trade shares.
However, despite lofty ambitions only three companies have ever been floated – manufacturer Key Technologies; corporate events firm Teamworks Karting; and financial group Early Equity.
