Scandal-hit founder of Quindell in £25m fundraising for his new insurance business
Rob Terry with his wife Tracey
The disgraced founder of Quindell claims to have raised £25million to grow his new insurance business – despite his former company still being under criminal investigation.
Rob Terry quit the AIM firm after a share-selling scandal just months before it emerged its profits had been massively overstated during his reign.
Now Terry says he has received investment for OS3 Digital as he tries to increase its valuation to £1billion by 2022. He claims he may even float it in North America.
Demand for its fund-raise at £25 per share ‘exceeded the expectations of the OS3 Digital board’, the firm said on its website. Terry confirmed he had ‘effectively’ raised £25million but declined to comment further.
Terry departed insurance claims outsourcer Quindell before it was forced to restate accounts that turned profits into losses and prompted an investigation by the Serious Fraud Office. The probe is ongoing.
Quindell has rebranded as Watchstone Group and brought in high-profile figures such as former Tory leader Michael Howard to clean up its image.