11 February 2012

Brightside raises £20m

03/12/2009 Robert Tyerman

Insurance broker and financial services concern Brightside Group has raised £20 million to expand and invest in new technology.

The Bristol-based company, UK market leader in commercial van insurance and a specialist in premium financing and medical reporting, has tapped the market with a placing at 22p, handled by Evolution Securities. AIM-quoted Brightside says it will use the proceeds to accelerate growth in these businesses and broaden its online services.

Chief executive Paul Chase-Gardener describes the placing as ‘a very significant step forward for our group’. He says the money raised ‘will allow us to exploit the earnings enhancing opportunities we currently possess’.

Floated at 69p in 2007, Brightside shares fell to 17p within the past year. Highlighted by Growth Company Investor at 21.5p in September, they have now reached 29.5p, valuing the company at £96.3 million.

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Tags: AIM, Fundraisings, Growth Stocks

Sector: Nonlife Insurance

Companies: Brightside

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