Finance provider is bought for £3million

Olympian Louis Smith

Capital Currencies will keep its Tunbridge Wells office and local team of four, said Craig Strong, who will remain as managing director of the business, now owned by Cornerstone FS.

The Small and Medium-sized Enterprises (SMEs) served by both businesses would now be able to choose between Capital Currencies’ personal service and Cornerstone’s cloud-based international payment, currency risk management and electronic account services, Mr Strong confirmed.

In a market announcement before the acquisition, Cornerstone said the deal was worth ‘up to £3 million, …[in] a mixture of cash, new ordinary shares and convertible loan notes’.

“This acquisition marks a significant milestone in Cornerstone’s history as we deliver on our aim, as stated when we joined the market last year, to grow via acquisition as well as organically,” said Cornerstone CEO Julian Wheatland.

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