Metir raises £1.78M to fund turnaround as new CEO takes over
What's the deal? AIM-listed water-testing firm MetirDealroom has a profile for this one. Try Dealroom → has raised £1,775,000 before expenses through a placing and subscription of new shares, priced at 0.275 pence each. The new shares will represent about 59% of the company's enlarged share capital.
Why now? The raise follows a Capital Access Window entered on October 5, 2026, which paused AIM trading. It also comes after sharply weaker trading: half-year revenue fell to £367,000 from £919,000 a year earlier, and cash stood at about £188,000 by late September, leaving working capital constrained.
What's the endgame? Metir supplies fast-response mobile and point-of-use water and environmental testing technology. It will use the proceeds to cover creditors and overheads and to fund manufacturing, product redevelopment, and commercial capacity, supporting a revised strategy centred on its Microtox and QuickChek product ranges.
The new leadership: Bob Moore will step down as chief executive officer and executive chair, with Alastair Smith succeeding him as chief executive officer, effective November 9, 2026. Christopher Potts, a non-executive director, becomes interim chair while the company seeks a permanent chair with water industry experience, and Graham White is set to join as a non-executive director.
What could go wrong? The raise is highly dilutive, with new investors taking a majority of the enlarged capital. Recent PFAS work with PuraffinityDealroom has a profile for this one. Try Dealroom → and Swansea University offers a potential growth avenue but remains development and validation work, not evidence of substantial commercial sales.
The signal: Against rising interest in rapid PFAS testing, this is best read as a financing lifeline rather than an expansion round — fresh cash and a new management team attempting to stabilise a strained business before chasing its longer-term opportunity.
Read more: uk.advfn.com
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