Rcapital wins prestigous IFT award
The IFT hosted their annual awards ceremony last night at the Landmark Hotel, recognising the outstanding work in corporate rescue, turnaround and investments in troubled businesses. We are delighted to announce that the Rcapital team won Investor of the Year for the transformational turnaround and sale of Morses Club PLC.
In May, Rcapital completed its most ambitious and unique turnaround to date – the successful merger of Morses Club and Shopacheck Financial Services creating Morses Club PLC from two underperforming orphans of insolvent parents. Morses Club is now a thriving and profitable business that achieved a day one valuation of £140m when it was listed on AIM earlier this year.
The transformation and sale of Morses Club has been a landmark investment for Rcapital and the sector. The team united to face immense challenges, whilst restlessly pursuing a vision for growth.
Jamie Constable commented “Congratulations to all the IFT short-listed firms and winners. We were up against some tough competition so it is great to be recognised by our industry for the success of this investment. The transformation, integration of two businesses and sale of Morses club has been a landmark investment for Rcapital and the sector. I am incredibly proud to accept this award on behalf of the Rcapital team and those involved in the turnaround. The success of this investment can be attributed to the winning combination of skill, teamwork, energy, pace and steadfast commitment.”
Earlier this year, Rcapital was awarded European Turnaround of the Year by the Turnaround Management Association for their outstanding turnaround and corporate renewal of Tie Rack / Rolling Luggage. This award follows a series of high profile Rcapital portfolio exits including Summit Media, and a number of other successful investments in 2016.