Perspective Financial shelves AIM listing

PLANS to float IFA consolidator Perspective Financial on the AIM market have been shelved, TheBusinessDesk.com can reveal.

The fast-growing Wilmslow company was seeking to raise £28m with Shore Capital acting as its nominated advisor and broker. It announced its intention to list on July 8.

A spokesman for the company said: “Despite strong interest from investors, Perspective Financial Group has decided to postpone its Initial Public Offering. 

“The company continues to deliver strong profitable growth and remains confident in its proven strategy, and will seek to revisit the IPO at a more appropriate time.”
 
It is understood that the fund-raising fell short of expectations due to a possible lack of investor understanding of Perspective’s model, which aims to take advantage of changes to the the IFA market following the Retail Distribution Review last year.

The deal was to have been structured by way of an acquisition  of Perspective by a special purpose vehicle, called Maia Acquisitions. Maia was established by financial services entrepreneur Chris Giles, and corporate financiers Mike Fletcher and David Foreman to acquire or invest in a financial services business and undertake a buy and build strategy to drive growth.

Company insiders stressed the IPO was not dead in the water, and that the acquisitive business continues to perform well.