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A 'sigh of relief' at European Wealth now they're back on an even keel after £8.8mln fundraise

On the back of their £8.8mln fundraise, John Morton, chief executive of European Wealth Group Limited (LON:EWG) tells Proactive the main strategy behind the injection of cash was to replace a convertible loan they had in place which was due for repayment.

''It got to the stage where we wanted to move on from being funded by a Swiss funding operation to share ownership from shareholders who would actually help us grow the business and develop it… and I think we've been 100% successful in achieving that''.

On becoming debt free, Morton says: ''The debt has been a big burden for us and I think each year the interest charges have been eye-watering … we've managed to clear that out the way, we've got cash on the balance sheet and we've actually got a properly structured balance sheet to work with, which will inevitably feed through to improved profitability''.

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