21 Jun 2021 11:36
Disposal of stake in Pure Cremation
The Board is pleased to announce that the founders of Pure Cremation have undertaken a management buy-out of the VCT's holding, having secured funding from Santander UK to support the buyout, leaving the business 100% owned by its four executive directors. The resulting cash proceeds attributable to the Company are not materially different from the value at which the Company currently holds the investment.
Pure Cremation specialises in 'direct' cremation - comprising a cremation without a funeral service, and usually without mourners present - as an affordable alternative to traditional funerals. It is the only company in the UK to provide a direct cremation service nationwide, including in Northern Ireland.
Following investment, Pure Cremation's business went from strength to strength, doubling in size each year since launching in 2015 as the UK's only dedicated direct cremation provider.
This success demonstrates the importance of VCT funding in helping small businesses and the SME ecosystem flourish.