Intracus, an internet design company in which Helphire Group has a 13.3% stake, is to be bought by Freeserve for £60m.

Helphire will be allotted 1.37 million shares in Freeserve worth around £8.2m. This represents a profit of some £4.8m over the company's investment.

Helphire's original agreement with Intracus provided advertising worth £2.25m on the Intracus internet service and this will remain in force, according to the company.