Braveheart sees improvement in investor appetites

BRAVEHEART Investment Group, which owns Yorkshire-based specialist investment firm Viking Fund Managers, saw its fee income rise by 35% to £329,000 over its half year to September 30.

VFM, which was founded in 2002 by chief executive Andrew Burton and was previously called Inkopo, was acquired by Scottish AIM-listed firm Braveheart in a deal worth up to £1.31m last year.

The move gave Perth-based Braveheart a presence in Yorkshire for the first time.

Over the half year, Braveheart provided further funding through equity or convertible loans by the group and its clients to one new and seven existing portfolio companies.

Following the end of the interim period, Braveheart completed the acquisition of London-based Envestors and the group now has offices in Perth, Yorkshire, London and Jersey, with franchise operations in Manchester and Dubai.

Chief executive Geoffrey Thomson said: “The defining event in the period was the announcement of the planned acquisition of Envestors. As subsequently noted, the acquisition was completed in October and we are delighted with the diversified product offerings and market positioning of the enlarged group.

“We were also pleased to announce the first realisation of an investment from our IPO proceeds. Other realisations will follow in due course. 

“During the period we witnessed some cautious improvement in our clients’ appetite for investment. As we go forward we will be increasing our focus on providing fast-growing technology investment opportunities to business angels, high net worth individuals and family offices.”