Bridges Community Ventures has invested £450,000 as part of a total finance package of £1.5m with Catapult Venture Managers and HSBC in Whelan Refining Ltd, a re-refiner of waste oil based in Stoke-on-Trent. The company has also received financial backing from local and national regeneration initiatives, including The North Staffordshire Risk Capital Fund, The Michelin Fund and Advantage West Midlands. Antony Ross, director at Bridges Community Ventures, will join the company's board.
Investindustrial sells its remaining stake of 4.12% in the company, fully exiting the investment
Following the deal, CCV Schweiz will be integrated with Concardis Schweiz, which is part of Nets Group
Minority shareholder IMS Capital has also filed for insolvency; Getnow is now seeking new investors
Exit from Rutland Fund III realises a return of 5.7x on the original cost of the investment