Nucleus is consulting shareholders in a bid to raise £15m in a debt restructuring exercise as the IFA-owned wrap reports a 250% increase in Q1 inflows.
The capital raising exercise, set to be completed by the end of the year, is being undertaken to refinance debt and bolster its balance sheet. The wrap is looking to member firms and shareholders to raise the required £15m, with CEO David Ferguson ruling out an approach to the capital markets. Ferguson says the fund-raising initiative is being undertaken to pay back debt accumulated when the wrap was established four years ago. A significant portion of the debt is owed to South African insurer Sanlam which owns a 42% stake in the business. The capital raising comes amid a strong set o...
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