BPE Solicitors advises specialist cleaning company on oversubscribed fundraising
Gloucestershire-based BPE Solicitors‘ corporate team has advised AIM-quoted client, REACT Group PLC, on its recent placing of shares which raised £1.25 million before expenses. The placing was materially oversubscribed, following demand from both new and existing investors.
REACT’s reactive cleaning services business has been experiencing high demand to provide decontamination and infection control services in all sectors. This has included thorough deep cleaning of premises thought to be harbouring SARS-CoV-2, the virus responsible for COVID-19. REACT provides a rapid response to the threat posed by COVID-19.
Recent trading has been ahead of management expectations. As a result, the Company is expected to deliver a small operating profit for the six months to 31 March 2020 and the Group remains well placed to meet or exceed management expectations for the full year to 30 September 2020.
Led by BPE’s Corporate Partner, Louise Grzasko, with support from Kathryn King, the Corporate Team advised REACT on the fundraising, working alongside SPARK, the company’s nominated adviser, and Allenby Capital, the company’s broker.
Shaun Doak, CEO of REACT, said: “The team at BPE has supported REACT for several years. It was especially important to work with experts on this placing and the advice we received was first rate.”
Louise Grzasko added: “It’s been a pleasure to work with REACT again. We have been involved with the company since 2014 and it is fantastic to see their continued success, especially at this unprecedented time. We look forward to having more opportunities to work with REACT as it executes its growth plans.”