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Nucleus completes £15m cash call

Nucleus has completed a £15m rights issue to clear its debt to South African insurer Sanlam.

The wrap provider completed the £15m cash call yesterday, with one IFA firm providing the biggest single investment of £780,000.

Nucleus announced its fundraising plans in October, having discussed the plans informally since April 2009.

Chief executive David Ferguson (pictured) says: “We raised everything we were looking to raise, and we also had submissions beyond what we wanted to achieve.

“There were three broad purposes of the capital raising – to repay our debt, to give us enough working capital to ensure sustained profitability, and to give us a balance sheet consistent with our growth ambitions.”

He adds: “There have been a lot of questions about around Nucleus’ structure recently, and I think those questions have now been answered.”

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