Capital for Colleagues plc - Portfolio Update - The Homebuilding Centre
PR Newswire
London, August 26
Capital for Colleagues plc / EPIC: CFCP / Market: AQSE / Sector: Investment
26 August 2022
CAPITAL FOR COLLEAGUES PLC
('Capital for Colleagues', 'C4C' or the 'Company')
PORTFOLIO UPDATE - THE HOMEBUILDING CENTRE (HOLDINGS) LIMITED
Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business ('EOB') sector, is pleased to announce a further update in respect of its investee company, The Homebuilding Centre (Holdings) Limited ('HBC').
HBC operates and manages "The National Self Build & Renovation Centre", which is the UK'S only permanent venue for independent homebuilding advice and support. Established in 2007, HBC has assisted almost a quarter of a million visitors build their own dream home or extend and improve their existing property.
On 31 January 2022, the Company announced that it had agreed to sell its holding of 'A' Ordinary Shares in HBC in 5 annual tranches, commencing in August 2022, for cash consideration calculated by reference to the financial performance and position of HBC for each year. The Company will receive a minimum payment of £50,000 per tranche, guaranteeing the full return of its original £250,000 investment in HBC's 'A' Ordinary Shares.
Capital for Colleagues is pleased to announce that it has received the first tranche of consideration, totalling £92,629 in cash. The premium to the minimum payment of £50,000 reflects successful ongoing trading at HBC.
The 'A' Ordinary Shares are being acquired by HBC as part of its programme of expanding employee ownership as its business continues to prosper. When the Company's disposal of the HBC 'A' Ordinary Shares is complete, Capital for Colleagues will remain interested in 15% of the issued ordinary share capital of HBC, with the remaining 85% held by employees of HBC.
The proceeds of the disposals will be applied in the ongoing fulfilment of the Company's investment strategy and for general working capital purposes.
The Directors of the Company are responsible for the contents of this announcement.
**ENDS**
For further information, please visit www.capitalforcolleagues.com or contact:
| CAPITAL FOR COLLEAGUES PLC Richard Bailey, Chairman Alistair Currie, Chief Executive | 01985 201 980 |
| PETERHOUSE CAPITAL LIMITED Mark Anwyl | 020 7469 0930 |
Capital for Colleagues plc
Capital for Colleagues is an investment company focused on the UK EOB sector. The Company has a proven management team, with a wide network of contacts and affiliates, as well as established access to investment opportunities, enabling the Company to execute its strategy and capitalise on EOB-focused investment opportunities. In addition, the Company educates and assists companies that are looking to launch employee ownership schemes, advising them, amongst other things, on how to secure investment and achieve their objectives.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
