<
p>The board of GLI Finance Limited has increased its stake in Platform Black Limited to 31.9 per cent.
Since September 2013 GLI Finance has held a 20 per cent stake in the UK-based peer-to-peer invoice trading and supply chain finance business.
The transaction is part of a wider sale of shares by former management of Platform Black and valuing the issued ordinary share capital of the business at £2.5m which was effected by the acquisition of ordinary shares held by Louise Beaumont.
Chief Executive Geoff Miller, said its decision to increase GLI’s stake in Platform Black reflected the significant recent operational and personnel changes made by the company’s management.
“We believe that Platform Black today is a much stronger business than it was a year or so ago, with the resilient processes and procedures that give it the potential to accelerate profitable growth, through its supply chain finance and partnerships businesses,” said Geoff.
“The fact that we are happy to increase our stake in Platform Black, in exchange for new shares in GLI, reflects the confidence we have in the business."
Caroline Langron, Managing Director of Platform Black, said she looked forward to the future with GLI Finance.
“I am delighted that GLI, alongside Platform Black's board, management team and other external investors, have endorsed the new model for the business through increasing their respective equity investments,” said Caroline.
“I look forward to the future with cautious optimism and to building on the supply chain finance and partnerships businesses."
The board of GLI Finance Limited has increased its stake in Platform Black Limited to 31.9 per cent….
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