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SimplyBiz seeks buyers to fund growth

by: Carmen Reichman
  • 12/01/2015
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SimplyBiz seeks buyers to fund growth
Adviser support services firm SimplyBiz has appointed a corporate adviser to explore its options for selling a stake in the business.

The firm hired BDO to look into the possibility of issuing an initial public offering (IPO) on the Alternative Investment Market, or selling a stake to a trade buyer or private equity house.

It plans to use the funds generated by the sale to continue growing organically and through acquisitions.

SimplyBiz was founded in 2002 and recently made a number of bolt-on acquisitions to fuel growth, including the purchase of property surveyors the Home Information Group (HIG) in early January.

The firm reported an upswing in profits of 10% in the first year post-Retail Distribution Review (RDR), posting a pre-tax profit of £3.8m in the year ending December 2013 and a turnover of £9.68m.

It said it wanted to continue building its market share across the wider compliance and business support markets going forward.

SimplyBiz also bought APS Legal & Associates, a wills and probate advisory business and Staffcare, a benefits and auto enrolment software business, in the last year.

The firm said it did not plan to change the management team and founder Ken Davy would remain chairman of the business following a sale.

Joint managing director Matt Timmins (pictured) said: “SimplyBiz worked with corporate finance advisers BDO when we acquired Staffcare towards the end of 2013, since then we have retained BDO as advisers and have been considering future options for the group.

“The company has grown rapidly since it was founded in 2002, and the board believe that now is the right time to consider the next stage in the company’s development.

“Of course, whilst the company explores these options, it is also possible that nothing will happen.

“The Group has grown significantly since 2010 and we plan to continue this rapid growth over the next five years.”

 

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