The founder and COO of Manchester-headquartered software coding trainer Northcoders have sold around 40,000 shares in the company after yesterday’s share placing was oversubscibed.
A third substantial shareholder, David Llewellyn, has agreed to sell another 13,333 Existing Ordinary Shares at the Placing Price of 300p, and two further employees have agreed to exercise share options and sell the remaining 50,000 in the exercise which raised around £2.1m.
Pursuant to the Placing, 694,444 new Ordinary Shares have been conditionally placed at the placing price of 300 pence per share. Following the sale, CEO and founder Chris Hill now holds around 19.6 per cent of the shares in company while COO Amul Batra has a stake of 12.4 per cent.
Chair Angela Williams said: “We are extremely pleased to have raised approximately £2.1m via an oversubscribed placing today, the proceeds of which will allow us to further accelerate our growth strategy as Northcoders continues to build and expand.
“Following our successful IPO in July 2021, we have seen significant growth in demand for our technology training across the UK and this placing will further accelerate our growth, allowing us to add four new training courses which will not only increase the technology bootcamp numbers but also provide a broader service offering to our growing list of corporate clients.
“We are also excited to invest further in our key Ncore technical delivery platform, which will improve cost of sale efficiencies.
“Through this fundraise we will further grow our service offering, increasing the demand for our services and allowing us to tackle the UK tech skills gap, providing UK companies with the technologists they need and providing life-changing opportunities for individual from all walks of life.”
Manchester-based Northcoders also has bases in Leeds, Birmingham and Newcastle. It posted a revenue of £2.3m for the six months to June 30, 2022, while its pre-tax profits totalled £118,176.
