Member Article

Chester-based Flowgroup raises £22.2m

Following an announcement on 30 April 2015 for a conditional firm placing to raise £21m and an open offer to raise £2m before expenses, Flowgroup has reported that it has raised £22.2m before expenses.

The company, which manufacturers microCHP Flow boilers needed to raise the funds to accelerate the development of its combination boilers.

The Chester-based group has received valid acceptances in respect of 4,352,390 open offer shares from qualifying shareholders which includes applications for 1,843,147 open offer shares.

This represents 62.0% of the open offer shares.

In a statement on the 30 April 2015, chief executive officer of the Flowgroup, Tony Stiff, said: “These developments would significantly expand the number of homes that Flow mCHP boilers can be installed into and accelerate the rate of doing so; we believe the Flow mCHP combination version can be in production by H2 2016, a year in advance of the current plan with current resources.”

This was posted in Bdaily's Members' News section by Sophia Taha .