Realisation of Investment: Master Removers Group

Mobeus Income & Growth 2 VCT PLC

27 February 2024

 

Mobeus Income & Growth 2 VCT plc

(the "Company")

LEI:  213800LY62XLI1B4VX35

Realisation of investment in Master Removers Group Limited (trading as Ward Thomas Removal Limited/Aussie Man & Van Limited/Ward Thomas Property Limited)

The Company is pleased to announce the exit of portfolio company, Master Removers Group (2019) Limited, ("MRG") through the sale of its Bishopsgate business to Elanders AB and alongside this, the sale of its shares in MRG's domestic removals business to management. The Company has received £2.10 million in cash from the sale and, to date, has generated a realised gain over cost during the life of the investment of £2.51 million, being the equivalent of 2.85 pence per share. Further sale and contingent proceeds of up to £0.40 million will be receivable in due course. The cash proceeds received upon completion including amounts still due under the terms of the sale are not materially different from the value at which the Company held its investment in MRG.

Including sale proceeds due to be received by the Company later in the year, cash proceeds received over the life of the investment will total £3.99 million, against an original cost of £1.22 million. This represents an IRR of 26% and a multiple on cost of 3.3x. This multiple on cost will increase to 3.4x if all potential contingent proceeds are subsequently received.

For further information, please contact:

Gresham House Asset Management Limited,

Company Secretary

[phone]

 

END