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Simplybiz considering £150m IPO

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  • 21/02/2018
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Simplybiz considering £150m IPO
Simplybiz Group is looking at a potential float on the London Stock Exchange which could fetch between £140m and £155m.

 

According to a Reuters report, the listing would raise £30m of new money for the Hudderfield-based firm, which provides business support and compliance services to over 3,400 firms.

Simplybiz considered floating in 2015, but decided against it to secure funding from alternative means.

But it is now looking to list again, amongst a background of rising regulation which could potentially spike demand for the group’s services.

A spokeswoman confirmed that the company is now working with stockbroker Zeus Capital on the possible initial public offering (IPO).

Matt Timmins, joint chief executive officer of the Simplybiz Group, commented: “The Simplybiz Gorup is a successful private business and has a clear and ambitious growth strategy, with an experienced management team in place to deliver it.”

He added: “As part of that growth strategy, it regularly reviews its strategic options in terms of financing and has recently appointed Zeus Capital as an adviser to the business.”

In 2016, the company posted revenues of £40.6m and took a pre-tax profit of £4.9m.

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