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Nucleus raises £15m to pay debt

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

The wrap provider completed the £15m cash call on December 20, with one IFA firm providing the biggest single investment of £780,000.

Nucleus set out its fund-raising plans in October, having discussed the plans informally since April 2009. It sought to raise over £3m in a similar fund-raising exercise in June 2009, again to pay back debt to Sanlam.

Chief executive David Ferguson says: “We raised everything that 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 including 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.”


Garnier wants to hear from pro-RDR IFAs

Treasury select committee member Mark Garnier has urged pro-RDR advisers to contribute to the committee’s consultation. Speaking at a question and answer session at a PanaceaIFA RDR event in the City of London recently, Conservative MP Garnier said the committee needed to know the true balance of IFA sentiment because trade and professional bodies are […]


Prime Minister says lenders are too cautious

Prime Minister David Cameron says banks and building societies are being too cautious and are inhibiting the housing market. Cameron says the UK’s housing market is vital to the UK economy and called on lenders to return to “respectable” lending in order to stimulate growth, according to a report in the Daily Mail. He says: […]


Towergate in talks over £200m private equity deal

Towergate is thought to be close to be agreeing a £200m cash injection from private equity firm Advent International. Towergate executive chairman Peter Cullum is reportedly holding exclusive talks with Advent which if successful would mean Advent taking a significant minority stake in the company. Cullum was awarded a CBE in the new year’s honours […]


Housing minister pledges to remove barriers for self-builders

Housing minister Grant Shapps has pledged to remove the barriers and red tape stopping aspiring self-builders from building their own property. Shapps plans to address issues with the planning system, regulatory burdens and a lack of access to land and finance to enable people to more easily build their own home. A new community right […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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