Lancashire claims firm in £110m Stock Exchange listing
Credit hire, claims management and claimant lawyer company Anexo Group has raised £25m on its way to joining the Alternative Investment Market (AIM) on Wednesday with a market capitalisation of £110m.
Anexo Group, which is based in Ormskirk but also has legal offices in Liverpool, is a combination of a credit hire company called Edge and a legal services provider named Bond Turner.
The listing will raise £10m for the company and £15m for the selling shareholders, of which more than £5m is to be repaid to the company.
The company says it operates in a “significant addressable market” focused on the “impecunious, not at fault, motorist” entitled to claim credit hire cost with Anexo supporting the individual at no upfront cost.
Anexo has experienced strong organic growth since 2015. In 2017, the company reported revenue of £44.8m and £14.6m in pre-tax profit.
The company said that admission to the stock market would enable it to pursue its growth strategy which includes growing its market share, increasing the number of solicitors and legal assistants, and launching a new regional office.
Alan Sellers, executive chairman of Anexo Group, who is also a barrister at the Liverpool Civil Law Chambers, said: “I am delighted to announce that Anexo will be joining the AIM market. Over the last 20 years our highly specialist team has worked hard to build Anexo into an integrated credit hire and litigation focused group.
“Joining the London Stock Exchange and raising money for the company will remove the constraints to enable expansion of our proven model and deliver significant organic growth in the future.
“There is an ever-increasing UK credit hire and legal claims market opportunity and our focus on impecunious claimants has allowed us to create a business that we believe will scale quickly and generate near-term returns for our new shareholders.”
