A safe pair of hands: Calculus sells stake in London safe deposit company, generating 158% return for investors
London, September 2016:
Private equity fund manager and Enterprise Investment Scheme (EIS) and VCT specialist Calculus Capital has sold its stake in Metropolitan Safe Deposits to private investors.
Calculus invested in Metropolitan, at 6.32p per share, in February 2012, selling them for 11p per share in September 2016, a cash on cash return of 1.81x including dividends already paid, 2.58x when including initial income tax relief – available to investors through the deal.
John Glencross, Calculus Capital chief executive, said: “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.”