Foundry raises £330,000 to fuel next stage of growth
Chamberlin, the specialist castings and engineering group, has conditionally raised £330,000 after a successful placing and subscription of shares.
The Walsall-based foundry operator said proceeds will provide working capital to take advantage of potential new opportunities which have recently arisen as a result of a competitor of Russell Ductile Castings going into administration.
The funds will also be used to support Chamberlin’s growth strategy as well as strengthening its balance sheet.
In February, the group said it had entered a “period of continuous growth with all businesses profitable” at the start of the year. Revenues in the first six months increased by 32% to £10.5m compared to £8m the previous year.
The firm has placed 11,000,000 shares of 0.1p each, at a placing price of 3 pence per share with existing institutional and other investors.
Trevor Brown, Executive Director, has also subscribed for 1,000,000 shares, raising an additional £30,000.
Cenkos Securitie and Peterhouse Capital acted as joint bookrunners to the placing.