TWL raises cash to pay missing lottery wins
The Weather Lottery, based in Mattersey, has raised £169,250 through a placing. The business said the cash will be used to settle £80,000 due to lottery winners.
Criminal charges are being brought against its former managing director Keith Milhench and Amie Pickersgill-Smith, another ex-employee. The charges, brought by Nottinghamshire Police, relate to the alleged misappropriation of jackpot payments to lottery winners between April 2008 and April 2010, when both Milhench and Pickersgill-Smith worked for the company.
TWF's funding will also be used to support a period of expansion, according to the business which recently announced a first-half pre-tax loss of £321,000 on turnover of £668,000.
Chairman Lord Razzall said: "The board believes that this further fundraising to provide development capital for the existing business and new acquisitions represents a watershed in the affairs of the company following the appointment of the new board a year ago. The board looks forward to a period of expansion."
