Jaeger owner Better Capital has confirmed the general partner of its 2012 fund has sold its debt instruments to an undisclosed buyer at a heavy write-down.
The 2012 fund expects to receive net funds of around £7m, or 2.2p per share, which represented a “disappointing” £23m, or 7.2p-per-share write-off, Better Capital said.
The buyer is independent of both the company and the 2012 fund, but Better Capital said confidentiality undertakings prevented any further disclosure.
It added: “The business now needs scale and further financial resource not available from the 2012 fund to grow. This is the right time for a new strategic investor to take Jaeger into its next phase of development.
“The board wishes Jaeger and its ongoing team every success in its future.”