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25 Mar 2009
Expansys is borrowing up to £1.25m from a firm owned by Peter Jones, the Dragons’ Den entrepreneur who bought a stake in the online VAR last year.
Manchester-based Expansys said in a statement yesterday that it has secured a credit facility with Data Select for up to £1.25m.
Data Select is a subsidiary of Jones’ Phones International Group, as is the Virtual Phone Shop, which bought a 22 per cent stake in AIM-listed Expansys a year ago and is now a substantial shareholder.
Further reading
The common ownership ties meant the credit facility arrangement fell within the definition of related parties under AIM rules.
Expansys suffered a 4.5 per cent decline in like-for-like revenues in its fiscal first half to 31 October. Sales hit £25.3m, while losses from continuing operations fell to £370,000, from £817,000 a year earlier.
Chief executive Roger Butterworth claimed at the time that the business had ended the period in better shape to deliver improved results.
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