Jim Armitage: A double whammy of bad news for business BrexiteersComments Off on Jim Armitage: A double whammy of bad news for business Brexiteers
Amid the last-minute market frenzy over the referendum, here’s a thought: Is being a business Brexiteer bad for your wealth?
First, ardent outer Crispin Odey suffers the worst performance for his hedge fund in years, and earlier Guernsey-based Brexiteer Jon Moulton slashes the value of the businesses invested in by his Better Capital 2012 fund by 30%.
Prickly Moulton and his investors — including fellow outer John Caudwell, the Phones4U tycoon — have had a rough time over the past couple of years, what with the high profile demise of CityLink, Fairline yachts collapsing two months after he sold it and Reader’s Digest being sold for £1.
Yet the new figures figures make further grim reading. Double glazer Everest’s value is down £25 million on a year ago at £44.5 million, SPOT office supplies is down £35 million at £65 million and CAV Aerospace is worth £9 million less at £31 million. Jaeger’s value stayed at £37 million, but only after a further £3 million was injected into the business.
It’s not all bad: the 2009 fund has a hit on its hands with Gardner, an aerospace supplier to Rolls-Royce and Airbus. Gardner’s up for sale with Lazard at a rumoured £300 million — twice its valuation a year ago. But with all that red ink elsewhere, it’s little wonder Moulton just admitted he’s winding Better Capital down.
With the markets today pricing in a Remain vote, for Brexiteers like Moulton, the bad news keeps coming.
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