28th Dec 2022 09:42
(Alliance News) - Literacy Capital PLC on Wednesday said it completed the sale of its interest in boiler insurance provider Hometree for GBP3.8 million, in line with the investment's carrying value.
Hometree is the trading name of Hometree Marketplace Ltd and Hometree Services Ltd.
Literacy Capital, also known as Book, invests in founder-led and owned businesses.
The company said it completed the sale last week, delivering a return of 1.3 times and an internal rate of return of 6.8%.
"This sale sees Literacy exit one of its few remaining growth capital investments. This is in line with Literacy's stated objective to focus for new investment activities and its capital on the buyout of profitable, private businesses, rather than more risky investments into earlier stage, growth capital or venture investments," said Richard Pindar, chief executive officer of the investment manager & director of Literacy Capital.
The firm explained: "The sale price agreed was in line with the carrying value that the asset was held at in recent factsheets, so has no impact on the company's net asset value."
Literacy Capital shares were flat at 369.00 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
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