Hertford International Group


Otium Ventures is a shell that was previously known as Hertford International Group, which was a pre-paid debit cards marketing company but it could not make the business work. It acquired cheque cashing business Cheque Exchange Ltd from Provident Financial for what was supposed to be 3m in January 2009. However, Hertford could not afford to pay the deferred consideration and Provident took back control of the business on 1 November 2009. In 2010, a Company Voluntary Arrangement paid Hertford's unsecured creditors 2p in the pound. Hertford raised 2m (1.67m net) at 20p a share when it floated on Aim on 24 December 2007. That valued the company at 8.53m. Otium is apparently Latin for leisure or ease.

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