Private equity fund manager and Enterprise Investment Scheme (EIS) and venture capital trust (VCT) specialist Calculus Capital has sold its stake in Metropolitan Safe Deposits to private investors, generating a 158 per cent return in the process.
Calculus invested in Metropolitan at 6.32p per share, in February 2012, selling its holding for 11p per share in September 2016, a cash on cash return of 1.81x including dividends already paid.
Including initial income tax relief available to investors through the deal, the cash on cash return rises to 2.58x.
John Glencross, Calculus Capital chief executive, says: “We invested in Metropolitan at a time when banks were winding down or closing their safety deposit services as part of wide-ranging cost-cutting measures. Metropolitan has been a beneficiary of this trend and its business has boomed during the period of our investment. As a result of this highly profitable exit, our EIS and VCT investor clients have been beneficiaries too.”
