23rd Sep 2014 10:12
LONDON (Alliance News) - Better Capital PCC Ltd Tuesday said the 2012 Fund has provided GBP10.0 million of short-term funding to the Spicers-OfficeTeam Group Ltd, the holding company of SPOT.
"This additional funding is to improve further the stockholding depth of SPOT," Better Capital said in a statement.
The funding means that the 2012 Fund's investment in SPOT, which provides office supplies, now amounts to GBP100.0 million. Better Capital said that the 2009 Fund was not in a position to contribute without itself requiring the funds required, meaning its investment in SPOT remains at GBP11.5 million.
"There is an expectation that there should be a significant return of capital from SPOT in the first half of 2015. Good progress is being made towards accessing the considerable synergies of the two businesses. The new management structure has started well," Better Capital said.
Better Capital shares were Tuesday quoted down 1.0% at 100.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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