Home improvements firm entu makes AIM debut
ENTU, the Manchester-based group which helps homeowners make their houses more energy efficient, made has its debut on the AIM market.
The company which can provide anything from solar panels to remote control central heating systems, is valued at more than £65m.
entu has raised more than £32m through the listing. In afternoon trading the shares were up 3.5p to 103.5p.
Ian Blackhurst, chief executive said: “I am delighted at the level of institutional support we have received. In a highly fragmented market, we believe entu is unique. We are a fully integrated home improvements and energy efficiency business with a UK-wide reach.
“We see exciting opportunities to grow, by developing our product offering and leveraging our unified brand and website – and so bringing more choice and benefits for our customers.”
Dominic King, director of corporate broking at Zeus Capital, entu’s broker and bookrunner added: “We are delighted to have advised entu on its AIM IPO. The £33m placing will put the group in a very strong position to continue its rapid growth, whilst the listing on AIM will provide a solid platform for the group’s future development.”
Amid strong consumer demand at a time when energy prices have been squeezing household budgets, entu’s revenues jumped more than 30% to £57.9m in the six months to 30 April, with profits more than doubling to £5.56m.
The IPO has seen Cheshire-based Brian Kennedy, the owner of Sale Sharks rugby club, chief executive Ian Blackhurst and finance director Darren Cornwall, cut their holdings in the business by half. Prior to the deal Mr Kennedy owned 60% of the company.
Headquartered on Tib Street in Manchester city centre, entu was launched in 2008. It comprises four business segments selling products which are supported by nationwide installation service, A Job Worth Doing.
Entu operates 71 sales and marketing offices across the UK. Customer services are delivered from two service centres in Norwich and Winsford in Cheshire and there are 14 installation and service centres.
Both Zeus and nominated adviser Grant Thornton were advised by partner Roger Hart and legal director Duncan Wilson from the Manchester office of law firm Addleshaw Goddard.
