Published 14th Nov 2023, 06:00 BST

Mr Wilkinson is a controlling shareholder in a firm called InTechnology. InTechnology has transferred all of its holdings to Holf Investments Limited, which is 100 per cent owned by Mr Wilkinson and his wife.

Mobile Tornado has also announced that its debts to InTechnology, which total £11.2 million, have been transferred to Holf Investments.

An announcement issued by the company to the London Stock Exchange said: “The Company has been notified by Peter Wilkinson that InTechnology plc, a company of which Mr Wilkinson is a controlling shareholder, has on 10 November 2023 transferred its entire holding of Mobile Tornado's ordinary shares of 2p each to Holf Investments Limited.”

Harrogate-based phone technology firm Mobile Tornado has made a major share transfer between two companies associated with director Peter Wilkinson. Photo: Yui Mok/PA Wire

In total, 205,988,314 Ordinary Shares have been transferred from InTechnology to Holf for a total of £5 million.

Holf is also owned by Mr Wilkinson and his wife, and is the vehicle through which both hold almost 50 per cent of their total 75 per cent interest in InTechnology’s issued share capital. Mr Wilkinson is also a director of Mobile Tornado.

Mobile Tornado’s indebtedness to InTechnology comprise historic short-term borrowings and rent and services incurred under the Services Agreement

The announcement added that the transfer of the debts from InTechnology to Holf is “not expected to have any financial impact on Mobile Tornado”.

The only remaining debt between the Company and InTechnology will be £150,000 drawn under the Revolving Loan Facility.

Following the announcement on Monday, shares in Mobile Tornado had risen to £1.17, up from 95p when stock markets closed on Friday evening.

Harrogate's Mobile Tornado makes major share transfer between linked firms