Puma VCT 12 PLC Disposal (5571C)
June 21 2021 - 6:36AM
UK Regulatory
TIDMPU12
RNS Number : 5571C
Puma VCT 12 PLC
21 June 2021
Disposal of stake in Pure Cremation
The Board is pleased to announce that the founders of Pure
Cremation have undertaken a management buy-out of the VCT's
holding, having secured funding from Santander UK to support the
buyout, leaving the business 100% owned by its four executive
directors. The resulting cash proceeds attributable to the Company
are not materially different from the value at which the Company
currently holds the investment.
Pure Cremation specialises in 'direct' cremation - comprising a
cremation without a funeral service, and usually without mourners
present - as an affordable alternative to traditional funerals. It
is the only company in the UK to provide a direct cremation service
nationwide, including in Northern Ireland.
Following investment, Pure Cremation's business went from
strength to strength, doubling in size each year since launching in
2015 as the UK's only dedicated direct cremation provider.
This success demonstrates the importance of VCT funding in
helping small businesses and the SME ecosystem flourish.
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END
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