TOSCAFUND, the hedge fund chaired by former Royal Bank of Scotland chief Sir George Mathewson, has raised its stake in under-pressure Edinburgh internet dating company Cupid above 15%.

The transaction took place on Tuesday, as Cupid revealed a £2.8m first half pre-tax loss, but was only disclosed to the stock market yesterday.

On Tuesday, Cupid's share price closed 64p, meaning Toscafund is likely to have paid around £148,000 for an additional 232,000 shares.

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