Highams Systems Services Group is raising cash to help grow its IT staffing business.
Charles Street Securities is raising £650,000 gross at 1.75p a share for Highams. That will more than double the company’s share capital. At 1.5p a share, Highams is currently valued at £480,000.
Highams says that a lack of cash has hindered the business. Revenues fell from £16.3m to £13.6m in the year to March 2008. The loss increased from £185,000 to £1.92m - including £1.07m of goodwill write-offs. Net debt was £1.2m.
Cost savings have been made and management is trying to revitalise the company‘s brand.
The board has been strengthened by the appointment of two long-serving members of management to replace the existing executive directors. Mark de Lacy becomes managing director and Kerri Sayers is the new chief operating officer.
Former Teather & Greenwood boss Ken Ford is becoming non-executive chairman. T&G brought Highams to Aim on 16 December 1996. Highams raised £396,000 of new money at 72p a share and existing investors raised £252,000 at the same price.
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