Shake-up pays off for Hanover

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A BOARDROOM coup at one of Scotland’s biggest electronics employers is paying handsome dividends for its instigators.

Since London-based Hanover Investors took a significant stake in gadget repair firm ­Regenersis just under two years ago its shares have ­almost tripled in value.

The firm has a track record of forcing change at companies it believes are under­valued and last week the shares surged past their previous record high of 150p to close at 174p.

Hanover is already sitting on a substantial paper profit from its investment in the company. Much of its 22 per cent holding – worth about £16 million – was bought when the shares were trading at around 60p each.

But although Regenersis has already effectively delivered the level of returns Hanover targets when it initially buys stakes in companies, founding partner Matthew Peacock, exe­cutive chairman at Regenersis, said there were no immediate plans to take profits on its ­investment.

“The strategy for the business is playing out very well and we have an exceptionally good team in place there. We’re looking at the year ahead with a lot of optimism and personally I’m also very much enjoying my involvement with the company.”

Last week the Aim-quoted firm said it had won a “very significant” contract that will extend its operations in fast-growing emerging markets.

Regenersis, which employs about 800 staff at Glenrothes and Inchinnan, repairs gadgets for companies including HTC, John Lewis and Samsung.

House broker Panmure Gordon recently reiterated its buy recommendation on the shares with a price target of 206p.