The appointment of administrators at City Link, an investment in the Better Capital 2012 cell, was reported by the media over Christmas. The announcement released today by Better Capital says that they hope that they will recover just shy of £20m from the administration. This is equivalent to the value that they placed on the business at 30 September which would mean there wouldn’t be much impact on the fund’s asset value (they have already written the value of the investment down by £20m).
Better Capital has attracted much negative publicity around City Link’s closure, especially around the timing of the announcement.
BC12 : Better Capital hopes to take £20m out of City Link