Renovo takes stake in Ultimate Finance Group

Renovo Group (LON:RNVO) has participated in the placing announced this morning by Ultimate Finance Group (LON:UFG).

Renovo has ploughed £1.7m into Ultimate Finance in return for which it will receive 9.2mln shares in the lender to small businesses.

The shares were placed at 18.5p each.

“Renovo sought to take advantage of an investment which it believes provides its shareholders with a valuable and beneficial opportunity in light of UFG's current policy to create greater value for its own shareholders by continuing with its strategy to be a leading force in its own industrial sector,” the company statement said.