The founder of Manchester-headquartered software coding trainer Northcoders has sold some of his shares to help raise more than £2m for the company.
Chris Hill, who serves as chief executive, has sold 19,588 shares in the AIM-listed business, as it raised approximately £2.1m before expenses. Chief operating officer Amul Batra also sold 19,587 in the company.
Following the sale, Mr Hill holds around 19.6% of the shares in company while Mr Batra has a stake of 12.4%.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Chair Angela Williams said: "We are extremely pleased to have raised approximately £2.1m via an oversubscribed placing today, the proceeds of which will allow us to further accelerate our growth strategy as Northcoders continues to build and expand.
"Following our successful IPO in July 2021, we have seen significant growth in demand for our technology training across the UK and this placing will further accelerate our growth, allowing us to add four new training courses which will not only increase the technology bootcamp numbers but also provide a broader service offering to our growing list of corporate clients.
"We are also excited to invest further in our key Ncore technical delivery platform, which will improve cost of sale efficiencies.
"Through this fundraise we will further grow our service offering, increasing the demand for our services and allowing us to tackle the UK tech skills gap, providing UK companies with the technologists they need and providing life-changing opportunities for individual from all walks of life."
Northcoders also has bases in Leeds, Birmingham and Newcastle. It posted a revenue of £2.3m for the six months to June 30, 2022, while its pre-tax profits totalled £118,176.
READ NEXT:
Jaguar Land Rover to recruit workers fired by Facebook and Twitter to help fill over 800 vacancies
Brother of billionaire Home Bargains founder quits top team after more than 20 years
Will takeover for Christmas vouchers firm Appreciate Group succeed or could rival bid emerge?
Fund worth £20m to back Liverpool start-ups and create jobs announced
