Ex-Stobart boss returns with £30m float

AVRIL Palmer-Baunack, a short-lived chairman of the Stobart Group, is returning to the stock market at the helm of a new venture planning acquisitions in the automotive and manufacturing sectors.

She has teamed up with investment house Marwyn to launch Haversham Holdings which is raising £30m through a placing on the Alternative Investment Market (AIM).

It is the third flotation this month for Manchester-based corporate finance house Zeus Capital, following Entu and C4X

Ms Palmer-Baunack joined Stobart in June 2012 following the group’s acquisition of her Northampton vehicle transport business Autologic for £12.4m. In early 2013 she became executive chairman but several months later the company said she would be leaving as the role was “no longer appropriate”.

In a statement Haversham said it had been established, “in order to acquire and develop substantial businesses in the UK and European automotive, support services, leasing, engineering or manufacturing sectors, targeting acquisitions with an enterprise value between £250m and £1bn”.

It added: “Haversham intends to acquire controlling stakes in quoted or unquoted businesses or companies, creating a platform for further acquisitions in sectors where the opportunity exists to create significant shareholder value through a well-executed consolidation strategy.”