Wren Homes is a developer of retirement and care homes. Wren started out developing homes on back gardens of other houses but decided to focus on retirement and care homes in 2007. Wren shares were originally traded on Ofex and they moved to Aim on 30 November 2006. At that time £3m was raised at 36p a share. The founders Paul Treadaway and Peter West raised £778,000 from selling part of their stakes. Wainford Holdings subscribed £4m (£3.9m net), including £1m in shares at 10p each and £3m for a five-year convertible loan which pays interest at 5% a year - the conversion price is 10p a share.