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Entrepreneur and serial investor Nigel Wray, known for his long-time involvement with rugby club Saracens, sees new goals for AIM-minnow LitComp. He has made a first investment in the £3.1 million ‘after-event’ insurer and supplier of medico-legal reports and litigation services following its recent move into the black.

Wray, a director and major shareholder of private investment group Prestbury Investment Holdings, has bought 445,000 shares in Litcomp at 62p. He now speaks for 8.7 per cent of the company and holds £1 million of the £3.45 million of issued convertible loan notes.

Wray, also a non-executive at telecommunications and IT staffing business Networkers International, as well as Healthcare Enterprise, will have noted LitComp’s encouraging swing from losses of £580,000 to pre-tax profits of £830,000 for the year to March on turnover more than doubled to £6.23 million. Non-executive chairman Douglas Smith, one-time chairman of Scottish football team Hearts, says the return to profits was driven by the after-the-event insurance business.