Norman Broadbent raises 1,750,000
Norman Broadbent has announced it has raised £700,000 (the "Subscription") through the issue of 1,750,000 new ordinary shares in the capital of the company at a price of 40 pence per share (the "Subscription Shares") principally to existing institutional investors. The Subscription is conditional upon admission of the Subscription Shares to trading on AIM ("Admission"). The proceeds of the Subscription will be utilised primarily to accelerate the growth of Arcus Global Partners (“Arcus”) and Connecting Corporates, the two new complementary business ventures established by the company at the beginning of the year.
Arcus and Connecting Corporates, which operate in the growth areas of niche contingent recruitment, interim and social media consultancy, have both delivered encouraging revenue growth with strong momentum since establishment and in the directors’ opinion have the hallmarks of developing into profitable, scalable and exportable businesses. The Subscription proceeds will enable the Company to grow Arcus and Connecting Corporates quicker than originally planned, through the accelerated hiring of key personnel and by developing effective technology-driven processes to support the growth.
Application will be made for the Subscription Shares to be admitted to trading on AIM with admission expected to become effective on 25 October 2013. Following Admission the Company will have 14,798,686 ordinary shares in issue.
Pierce Casey, chairman of Norman Broadbent, commented, “The directors have been encouraged by how receptive the market has been to the flexible recruitment solutions offered by these new business ventures and believe that with this additional investment and the continued support of the established Group, the new businesses can achieve greater scale and profitability more quickly.”