Duke Capital Limited (LON:DUKE), a leading provider of hybrid capital solutions for SME business owners in Europe and North America, has announced a follow-on investment of £2.9 million into its existing capital partner, Step Investments Limited. This investment will enable Step to acquire existing loan notes and increase its equity shareholding in Bay Broadcasting Limited through the buyout of certain minority investors.
Step is a diversified investment group, with core interests in the education, cinema advertising, outdoor digital advertising and radio station sectors across the UK and Ireland. The Step group includes Pearl and Dean Cinemas Limited (P&D UK), Pearl and Dean Ireland (P&D Ireland), Wide Eye Media (WEM), City Education & Learning Group Limited (City Colleges) and Adtower Limited (Adtower).
Highlights:
· Duke’s funds have been used by Step to increase Step’s shareholding from 34% to a 75% controlling stake in the Dublin-based Group, Bay, which operates three longstanding and profitable radio stations.
· Additionally, Step will refinance loan notes at Bay on favourable terms, enhancing Step’s security package.
