The Tchenguiz family is to take a 26% stake in AIM-listed property services specialist Mercury Group.
Mercury is raising £2m via the issue of 666.7m ordinary shares at 0.3p each to Pendana, owned by the Investec Trust (Guernsey) as trustees of the Tchenguiz Family Trust. Pendana’s shareholding after the placing is expected to be 25.9%.
The funds raised will be used to provide additional working capital and for acquisitions.
Chairman David Williams said: “What is particularly exciting is the scope for Mercury to develop a close working relationship with Consensus Business Group, as agent for the Tchenguiz Family Trust.”
Consensus is responsible for a £4bn commercial property portfolio, 200,000 ground rents throughout the UK, and a 50% interest in Chesterton.
Last week, Mercury reported a pretax loss of £316,117 for the six months to 31 March on sales of £782,082. Williams said the results reflected only three months’ contribution from project management group Telco Solutions and facilities management company Navitas Hemway, and only one month from commercial property consultancy and estate agency Smith Melzack Pepper Angliss.
