The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

CVC takes spread-betting company private

Deal: Take-private of IG Group
Size: £143 million ($229 million)
Advisor: Lexicon Partners
Date: September 5 2003


It's not often that the state of disrepair of a castle in southeast England triggers an innovative finance deal. But that's what happened this year when high-profile businessman Stuart Wheeler decided to sell his stake in the UK's leading spread-betting business.

In January, Wheeler announced that he wanted to sell his 23.7% stake in IG Group, the company he founded in the 1970s, to raise money to renovate his castle at Chilham in Kent. Chilham is a 17th-century mansion built around an older Norman keep. Inigo Jones is said to have designed the building, with grounds laid out by Capability Brown.

Eurosceptic Wheeler hit the headlines two years ago when he donated £5 million to the Conservative Party. He set up IG Index, where UK residents could bet on the price of gold, in 1974. IG's financial betting business grew to the point where it offered spread betting and contracts for differences (CFDs) on products ranging from market indices to commodities and share prices. Ten years ago it started taking bets on sport. In 1996, it started dealing in foreign exchange.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree