Investor raises stake in Regenersis to 20%

Last week London-based Hanover bought 650,000 shares to take its stake to just over 20 per cent.

Since Hanover began investing in the firm in January 2011, it has overseen a rise of more than 50 per cent in the share price of the Aim-quoted company.

Last week shares in Regenersis – which repairs gadgets including mobile phones, set-top boxes and satnav systems – reached 100p, the highest level for more than five years, valuing the outfit at more than £44 million.

Continuing to build its stake despite the strong share-price rises suggests Hanover believes further significant gains are in the pipeline from its turnaround strategy. Glasgow-based asset manager Ignis has also been buying into the company in recent weeks.

Hanover typically looks to double or triple its initial investment in a company within three years.

In March, evidence of the company’s progress emerged with interim results showing headline operating profits – which strip out restructuring costs – rising by 18.3 per cent to £3.8m on the back of a 15.9 per cent rise in interim revenues to £69.9m.

At the time, the company also said it was “business as usual” for its factory at Inchinnan, despite a review of how the site is used. The company, one of the biggest employers in Scotland’s electronics market, was adamant that no jobs at the site near Glasgow are at risk.

As well as the site in Renfrewshire – previously the TRS mobile phone repair business founded by Richard Emanuel – the group also owns a plant in Glenrothes.

Hanover has a track record of forcing change at companies it believes are under- valued and has previously invested in companies including broadcaster STV.

When Hanover’s Matthew Peacock was installed as chairman at the company last year, he said that Regenersis had “terrific opportunities but hasn’t made the progress it might have done given the potential of a growing market”.