3i's Simon Borrows invests £7.7m in firm

Borrows bought his shares in 3i in three installments between 22 and 26 February on the London Stock Exchange. The total price paid amounted to around £7.68m.

Borrows made a similar investment last year, buying four million 3i shares worth slightly less than £7m in June.

Borrows has been at the helm of 3i since March 2012, when he took over from long-term CEO Michael Queen following his surprise resignation. The new managing director introduced a cost-cutting strategy in June with the aim to bolster the business, reduce gearing and attract renewed investor interest.

The company's latest trading figures show a steady rise in share price over the past year, reaching a high of 315p in February compared to just 200p in March last year.

3i's gearing still stood at 19% overall at the time of the latest quarterly statement in November, but the company's net debt had fallen to £493m and 3i paid out a dividend of 2.7p per share.

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