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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes