Shamed Quindell founder raises £25m for new business

Quindell founder Rob Terry’s new business has announced £25m of funding.

OS3 Digital announced on its website that shares were sold at £25 each, which “exceeded expectations”.

Building towards a goal

The investment plans will be welcomed as Terry has previously outlined his ambitions for the company to have a £1bn flotation valuation by 2022.

According to the Daily Mail, he claims he may even float the company in North America.

According to the statement on the company’s website, “the OS3 Digital board has today accepted a number of cash commitments, and approved in principal a number of the transactions, as well as some additional transactions related to acquisitions, investments and cash commitments.”

Controversial past

Terry left Quindell in 2014 after revelations revealed that he had offloaded AIM shares in an opaque scheme.

Since his departure, Quindell, which has now been rebranded to Watchstone, has struggled to shake off its dark past, after posting a loss of £3.6m for the six months leading up to June 2018.

A reason given for the loss was that the company was still caught up in legal costs resulting from Quindell-era lawsuits.

Also, auditing company KPMG was fined £3.2m by the Financial Reporting Council (FRC) for its wrongdoing during the audit of Quindell.

Terry and Quindell are still under investigation.