The firm said it was operationally profitable in the first three months - and this had continued into the current quarter.

Tower Gate Capital said it had reached agreement with Matthew Hudson's family on re-financing the company's secured loans that became due, and on putting in further money.

It said Matthew Hudson had become part-time executive to lead the company through to the next stage of its development and had taken on the CEO role, as well as chairman.

The board says it looks forward to the rest of the financial year, and is very optimistic about the company's prospects.

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