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SimplyBiz eyeing £150m float

SimplyBiz Group is considering an initial public offering of £150m on the London Stock Exchange.

According to a Reuters report, the potential float could value the company between £140m and £155m and is expected to raise £30m of new money.

SimplyBiz joint group chief executive Matt Timmins confirms the business has recently appointed Zeus Capital as an adviser and part of its growth strategy is to “regularly reviews its strategic options in terms of financing”.

He adds: “For us, the most important priority continues to be supporting the firms we serve. The group has gone from strength to strength over the last few years with more firms than ever electing to join us and receive compliance and business support.”

It considered a float in 2015 but shelved the idea so it could secure alternative financing.

SimplyBiz joins other advice-related firms eyeing listings.

Platform Transact is due to float  in March and national restricted advice firm Sandringham Financial Planners is considering floating on the AIM market of the London Stock Exchange but wants to bolster adviser numbers first.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. £150 million? Is it really worth it? What are the adviser costs to the float? Really who would wish to buy in? Ken tried to float it about 3 years ago. Couldn’t they find a potential buyer?

  2. Float then takeover?

  3. it would be nice for the members (advisory firms) of Simplbiz to be included in the bonanza! After all they are the backbone of Simplybiz’s current revenue stream! Fairs fair!!

  4. Nicholas Pleasure 22nd February 2018 at 1:25 pm

    I appreciate that Ken needs to cash in his chips at some point but I cannot see how SB will remain independent.

    It will be swallowed by a provider looking for influence over distribution. This will come with lots of weasel words about how they are just an investor and won’t make any changes.

    However, providers just cannot help themselves and when it becomes clear that the provider is steering the ship the membership will leave.

    Other than a provider, who would want SimplyBiz? An excellent and well run firm providing compliance services to a sector that is unlikely to grow significantly and is suffering so much regulation now that I fear it will start to shrink again.

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