I-spire to reverse in via Glenchewton

By THIS IS MONEY
Updated:

 

The £75m internet investment vehicle of John Porter, grandson of Tesco founder Jack Cohen and son of former Westminster Council leader Dame Shirley Porter, is to list on the stock market.

Porter, 47, whose interests include the internet arm of the Ministry of Sound, is close to signing a deal to reverse his i-spire corporation into quoted cash shell Glenchewton.

Glenchewton, a former housewares business with £19m of cash, is issuing £75m of shares at 90p to acquire i-spire. It is also offering to buy back, at 90p, 50% of its own shares at a cost of £11m, which if taken up would give i-spire's owners 87.3% of the enlarged company.

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