Vibe Group Update - investment by Candy Ventures

RNS Number : 2556D

Vela Technologies PLC

25 June 2019

 

25 June 2019

Vela Technologies plc

("Vela")

Update re. Vibe Group Holdings Limited regarding investment by Candy Ventures

The Board of Vela (AIM: VELA) notes the media commentary regarding Vibe Group Holdings Limited ("Vibe Group") and the investment by Candy Ventures, a private investment company owned by Nick Candy, in Vibe Group. Candy Ventures has made an undisclosed investment into Vibe Group for a 23 per cent. equity stake in Vibe Group.

Following this investment, and based on Companies House filings, Vela holds 5,674 ordinary shares in Vibe Group equivalent to approximately 3.1 per cent. of the issued share capital of Vibe Group.

Extracts from the article on BusinessCloud regarding Vibe Group are copied below:

"NICK CANDY TAKES STAKE IN LUKE MASSIE'S VIBE GROUP

Billionaire property developer Nick Candy has invested a significant seven figure sum into the tech business headed up by entrepreneur Luke Massie.

Candy Ventures -Candy's private investment fund - has made an undisclosed investment in Vibe Group Holdings - the company behind transparent ticket resale platform, Vibe Tickets and peer-to-peer mobile payment platform, VibePay.  

The investment gives Candy Ventures a 23 per cent equity stake in Vibe Group Holdings, joining existing investors Scott Fletcher and AIM-listed Vela Technologies. Vibe's founder and CEO Massie, 26, remains the majority shareholder in the group business.

Candy, who is married to Australian singer and actress Holly Valance, said he was attracted to Vibe's "game-changing products". 

He said: "I recognise a lot of entrepreneurial qualities in Luke that I know are crucial for a tech start-up to achieve great things. He has identified real demand from consumers and developed some game-changing products. Candy Ventures is excited for the potential of this investment."

The investment from Candy Ventures will support Massie's new offering, VibePay - a mobile payment infrastructure built on open banking, that is set to disrupt the payments industry with several products on the roadmap. The first product to market will be a consumer offering, allowing people to socially plan and pay in groups.

The investment will also continue to scale the Vibe Tickets business; a transparent ticket resale platform and fan-driven community. Vibe Tickets users will be the first to benefit from VibePay Marketplace, allowing people to pay for their tickets directly through their bank account and split the cost with their friends. 

Massie said the investment would take Vibe Group to the next level. He explained: "This is a significant milestone for the Vibe Group. To have the backing from Nick Candy and his experienced team at Candy Ventures, as well as the continued support from Scott and Vela, is a huge endorsement for the brand.

"We are gathering momentum at an incredible pace and making major progress in product development. We always put the consumer first and build products that add value to their everyday lives."

Candy's investment is a huge coup for Vibe Group, which employs 30 people and has offices in Lancaster and London.

It's also a huge boost for Massie, who bought Vibe Tickets out of administration last year after a bruising disagreement with a previous investor.

After buying Vibe Tickets out of administration Massie formed a new holding firm called Vibe Group Holdings Limited, which consists of Vibe Tickets Limited and Vibe Pay Limited.

At the time the young entrepreneur took the unusual step of offering his original crowd investors shares in the new company - Vibe Tickets Limited - proportionate to their original investment in TheVibe Ltd from his own personal equity."

The full article can be found here:https://www.businesscloud.co.uk/news/nick-candy-takes-stake-in-luke-massies-vibe-group?utm_medium=email&utm_campaign=&utm_source=UKFastMailer2026&uuid=

For further information, please contact: 

Vela Technologies plc	Tel: [phone]
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director
Allenby Capital Limited (Nominated Adviser)	Tel: [phone]
Nick Athanas/Asha Chotai
Smaller Company Capital Limited (Joint Broker)	Tel: [phone]
Rupert Williams/Jeremy Woodgate
SVS Securities Limited (Joint Broker)	Tel: [phone]
Elliot Hance

About Vela Technologies 

Vela Technologies (AIM: VELA) is an investing company focused on early stage and pre-IPO long term disruptive technology investments. There are currently 12 investments in the portfolio which either have developed ways of utilising technology or developing technology with a view to disrupting the businesses or sector in which they operate. More recently, Vela Technologies has also started to focus on existing listed companies where valuations may offer additional opportunities. 

 

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