TIDMLEG
RNS Number : 2722W
Legendary Investments PLC
31 July 2018
31 July 2018
Legendary Investments PLC ("Legendary")
Virtualstock Holdings Limited
Appointment of René Schuster as Chairman and completion of EIS
fundraising
Legendary is pleased to report that Virtualstock Holdings
Limited ("VS"), the provider of technology solutions for the
leading UK retailers and a number of leading NHS Trusts, has
appointed René Schuster as Chairman with immediate effect. It has
also completed an Enterprise Investment Scheme (EIS) fundraising of
GBP3.4 million
Chairman Appointment
René has a strong track record in growing global
telecommunications and technology businesses. He is most renowned
for his achievements as CEO of Telefonica Deutschland, in which he
led the Company through the largest IPO in Europe and most
successful DAX IPO in 2012, raising EUR1.6 billion for Telefonica
Group. He grew Telefonica Deutschland from a EUR3 billion market
capitalisation company into a EUR14 billion market capitalisation
organisation and into one of the largest telecommunications
operators in Europe and established O2 as the number one consumer
brand in Germany.
He has also held a number of other senior leadership positions
in the telecommunications and technology sectors including Chief
Operating Officer at Vimplecom, one of the world's largest
telecommunications services companies, Global Marketing Director at
Vodafone plc, Senior Vice President at Hewlett Packard and European
CEO of Compaq Computer Corporation. He was also a Managing Partner
at KPMG and a Director at IBM.
René also has extensive private equity experience having been
Partner at Vitruvian, a European private equity firm specialising
in providing capital for high growth companies in the FMCG, retail,
hardware and SAAS sectors and is currently a Senior Partner at the
private equity firm, Ilion Holdings GmbH.
EIS Fundraising
VS has also completed an EIS fundraising round of GBP3.4 million
which was oversubscribed by more than 70%. This fundraise was
completed at the same valuation at which Notion Capital invested in
July 2017. Post money, this values VS at approximately GBP70m. The
funds will be used to scale the business and to prepare for
international expansion. Following this raise, Legendary's stake in
VS is 6.8%.
Other Developments
VS's momentum continues with revenue growth increasing from over
60% to over 70% over the last two years. In the same time, VS's
total headcount has also increased from 20 to 116.
René Schuster, incoming VS Chairman commented:
"I am delighted to be joining the Board of Virtualstock. I have
been impressed by the strength of the management team, the client
base and particularly its unique proposition, built from an expert
understanding of the specific needs of the retail and healthcare
sectors, which is helping leading UK retailers and the NHS keep
pace with rapid structural changes.
"With its blue-chip client base and compelling solution, I am
excited by the opportunities presented to the [VS] Group to roll
out and scale its offering across other verticals and particularly
across new international markets. I look forward to drawing upon my
experience and global network to take the Company [VS] into its
next chapter of growth."
Andrew Mills, VS CEO commented:
"I am delighted to welcome René to our Board as Chairman. He
brings a vast network and wealth of expertise in leading
multinational companies and advising high growth companies on
scaling up and raising capital in the telecommunications and
technology sectors across Europe and America. He will be hugely
valuable to Virtualstock as we embark upon our next phase of growth
and prepare for international expansion.
"I am also extremely pleased that we have completed our latest
round of fundraising and by the strong levels of interest and
support we received from new investors. The new funding will help
facilitate our ambitious growth plans."
Zafar Karim, Executive Chairman of Legendary Investments PLC,
commented:
"Since our first investment in VS, VS has grown from a small
promising company into one which counts the country's leading
retailers and NHS Trusts amongst its clients. We were its first
outside investors and remain its largest outside investor.
Virtualstock is fast growing and is in a cutting edge area of
technology.
"Its success is attested to be the senior personnel it is
attracting. We welcome the appointment of René as Chairman. His
network, experience and expertise at all stages of development of
businesses from private equity, through to IPOs to post IPO growth
is measured in billions and will be invaluable to Virtualstock and
accelerate its progress and expansion internationally."
- ENDS -
020 8201
Legendary Investments PLC Zafar Karim / Thomas Reuner 3536
Nominated Adviser
Grant Thornton UK LLP Colin Aaronson / Harrison 020 7383
Broker Clarke 5100
S.P. Angel Corporate Finance Richard Parlons / Richard 020 3470
LLP Morrison 0470
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
About Virtualstock
Virtualstock is one of the UK's fastest growing tech companies,
helping businesses in retail and healthcare compete in today's
agile digital economy. Its client list includes 6 of the top 10 UK
retailers including Tesco, Sainsbury's Argos, John Lewis and Dixons
Carphone, as well as the NHS. By unlocking and connecting the data
scattered across disparate parts of the supply chain,
Virtualstock's cloud-based solution, The Edge, helps retailers
drive efficiency, growth and customer satisfaction, supported by an
integrated and seamless digital supply chain. The healthcare
equivalent, The Edge4Health(TM), is delivered in partnership with
NHS Shared Business Services to help fuel industry-wide efficiency
and operational productivity for both Healthcare Providers and
Suppliers.
www.virtualstock.co.uk
About Legendary Investments PLC
Legendary Investments PLC focuses on assisting companies and
making investments which exhibit the potential to generate returns
of many multiples through capital appreciation. Typically,
Legendary takes stakes in small companies where there are clear
catalysts for value appreciation and the companies are operating in
sectors exhibiting long term growth. Examples of such sectors
include technology, energy and natural resources.
www.leginvest.com
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END
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