Chairman David Sheepshanks has confirmed that Clacton-based property developer Kevin Britton is set to invest £500,000 in the club over the next five years. Sheepshanks also confirmed that, as reported by TWTD last month, Holly Bellingham and Michael Spencer have increased their stakes in the club.
Britton, currently a Portman Road boxholder, will invest an initial £175,000 in shares, 5% of the value of the club, plus another £75,000 in loan notes and could increase his outlay over the next five years.
We understand board member Bellingham and largest shareholder Spencer to have been the existing investors who added to their stake after the Blues agreed a restructuring of their debts with their long-term lenders - Norwich Union, Barclays and the Bank of Scotland - at the same time as US-based businessman Michael Anderson, whose £500,000 investment was repaid after he failed to reveal previous links with other football clubs.
Bellingham is now understood to own 13% of the club having converted some of her £415,000 of loan notes into shares. Spencer's stake in the club is now up to the 15% mark above which the club will not issue an individual any more shares without a shareholder vote.
Britton, who with his wife Jacqueline runs Britton Construction, is a keen fan of the club, but, like Michael Spencer, he will not be taking a place on the board.
David Sheepshanks welcomed the cash injection: "This is all tremendously good news for the club.
"Further new investment, for which we are very appreciative, coupled with the rescheduling of our long-term debt, puts us in an increasingly stronger position for the future.
"Spurred on by the much-improved form on the field, I'm excited about our future prospects and hope that all supporters will feel similarly encouraged."