Braveheart bags cash from investors

Braveheart Investment Group today announced it has raised £336,000 from new and existing investors.

The Perth-based investment manager issued over two million new shares at 15p each, representing about 10.4 per cent of issued share capital.

Adam Norris invested close to £100,000 in the share issue through his vehicle Horatio Investments, maintaining his 30 per cent stake in the firm. Dundee publisher DC Thomson also put in £124,500, bringing its shareholding in Braveheart to 10 per cent, up from 6.8 per cent.

The extra cash comes as the firm expands its remit to support regional investment strategies. In March, Braveheart was appointed to manage the £50m Growth Loan Fund in Northern Ireland as part of a consortium of investors that will support lending to small companies (SMEs). It also acquired Neon Capital Partners for £380,000. Neon manages the £48m Finance Yorkshire Equity Fund, set up to provide equity linked finance to SMEs in the Yorkshire and Humber region.

Geoffrey Thomson, the chief executive, said: “We are delighted with the continued support of our shareholders who have recognised the added value of the recently announced Growth Loan Fund in Northern Ireland and the acquisition of Neon Capital Partners.”

Shares in the firm rose strongly in early trading.