Xcap raises £5m on AIM
A NEW investment bank which has its backoffice functions in Wilmslow has raised £5m following its flotation on the Alternative Investment Market this morning.
Xcap Securities, which is led by city trader Chris Potts and Proquote founder Daron Lee, now has a market capitalisation of around £17.5m following the float. which Lee said had received “extremely positive reactions from a wide range of investors”.
The business, which was set up earlier this year, had been chaired by former Halliwells senior partner Alec Craig but he stepped down in the wake of the law firm’s collapse. He has been replaced by Eversheds lawyer Mark Holleran.
Xcap is aiming to offer investment banking and corporate advisory services to smaller firms quoted on public markets.
The company already employs around 50 people – 30 work at its headoffice and trading base in London, while 20 backoffice and asset management advisors operate out of an office on Manchester Road in Wilmslow. This includes a team of advisors recruited from Deutsche Bank.
A transaction services team from the Manchester office of accountancy firm Deloitte advised XCap on the deal.
Richard Bell, partner and head of transaction services for the UK regions at Deloitte, said: “It is great to see a new entrant to the investment banking market, particularly one from the North West, making waves with a listing on AIM.
“Alongside raising its profile, Xcap will benefit from improved liquidity and financial flexibility that will enable the firm to roll out its complete range of services.”
