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London and Country in bid to follow MAB with stock market listing

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  • 21/06/2016
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London and Country in bid to follow MAB with stock market listing
One of the UK’s biggest broker firms, London and Country, is drawing up plans for a sale or initial public offering on the stock market reportedly worth up to £300m.

A report in the Telegraph said the company’s chairman, Michael Edge, has appointed advisers to kick start the sales process, which is likely to attract banks, rival brokers, comparison websites and independent financial advisers.

In 2014, Mortgage Advice Bureau, headed up by CEO Peter Brodnicki, announced its intention to list on the Alternative Investment Market. Speaking at the time, Brodnicki said the listing would help the firm secure investment and attract top talent to the company.

A spokesman for London and Country confirmed that it has appointed advisory firm Fenchurch to assess strategic options for the business, including a potential sale or initial public offering.

He said: “There is no certainty that this review will lead to a transaction and L&C will also consider the benefits of continued growth of the business under its current ownership. In evaluating its options,  L&C will have regard to the best interests of all its stakeholders, including its customers, commercial partners, employees and shareholders.”

London and Country’s chairman, Edge, owns 70% of the firm, while dozens of staff also own shares. Edge profited from around £50m when Chase de Vere Investments – co-owned by Edge – was sold to the Bank of Ireland in 2000.

According to 2015 figures, London and Country achieved profit before tax of £8.5m alongside revenue of £35.2m.

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