Cash injection for imJack

IMJACK has received a cash injection of £80,000 including a new loan from chief executive and founder Jeffrey Morris.

Mr Morris has loaned the company £30,000 just weeks after terms were agreed on a loan from his wife Debra worth £50,000 and is in addition to a £25,000 loan he provided in October.

ImJack also announced this morning it had received a £50,000 loan from a”third party individual”. Both Mr Morris’s new loan and that from the third party have been offered on interest of base rate plus 3%.

The digital educational networking business was one of the first to be hit by public sector spending cuts earlier this year when the Specialist Schools and Academies Trust removed its offer to match fund schools purchasing its products.

ImJack is now selling directly to schools and has described their response as “positive”.

Shares in the company were trading at around 50p this morning.