The Bank of London secured £42 million in funding from investors, led by Mangrove Capital Partners, to support growth despite facing a winding-up order from HMRC.
HMRC's winding-up order against the Bank of London is reportedly due to an internal communication error regarding unpaid taxes, which was resolved quickly.
Mark Tluszcz, CEO of Mangrove Capital Partners and board member of the Bank of London, emphasized the funding round would position the bank for growth in the UK market.
The leadership change at the Bank of London, with Stephen Bell stepping up as CEO from a prior role, was clarified as unrelated to the tax issue.
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