Foresight Group (Foresight) is delighted to announce on behalf of the boards of Foresight 2 VCT plc, Foresight 3 VCT plc and Foresight 4 VCT plc the recapitalisation of portfolio company The Bunker, which has seen Foresight’s shareholder loans and outstanding interest repaid in full.
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The refinancing has seen the Foresight VCTs’ aggregate loan investment of just over £3 million return £5.13 million to the VCTs, which will be used for future investments.
Since Foresight’s investment in 2006, The Bunker has performed strongly, and now provides Ultra Secure mission critical Cloud infrastructure and storage services to more than 200 companies and organisations from its facilities within two large ex MoD nuclear command and control bunkers in Ash, near Sandwich, Kent and Greenham Common, near Newbury, Berkshire and has seen revenues increase seven fold.
David Hughes, Chief Investment Officer of Foresight commented "We are pleased to have seen our investment in the Bunker deliver a return of 1.8x original investment to our VCT shareholders, and are delighted to retain our shareholding in the company. We are confident that the company will continue on its growth trajectory and we look forward to supporting the management team in achieving their goals.”
Peregrine Newton, CEO of The Bunker commented : "We are delighted to have completed this recapitalisation which endorses the continuing strength of the business and underpins the company’s continued growth”
For further information, please contact:
Ben Thompson: firstname.lastname@example.org / 020 3667 8155
Notes to editors:
About The Bunker
The Bunker is a highly technical, service-led business, delivering Ultra Secure mission critical Cloud infrastructure and storage solutions to mid-market companies.
Security is in the DNA of the organisation. The Bunker combines ex-Ministry of Defence physical environments with recognised excellence in digital security and Microsoft and Open Source technologies to offer the most secure managed service in the UK.
Foresight Group is a leading independent infrastructure and private equity investment manager, which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has in excess of £1.3 billion Assets Under Management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprising eleven investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.