IPO for £84m turnover engineering firm
AN £84m-turnover ground engineering business, with seven offices including one in Manchester, has announced that it plans to float on the AIM market.
Nottingham-headquartered Van Elle is led by co-founder and chairman Michael Ellis and chief executive Jonathan Fenton.
It employs around 520 staff from offices across Hereford, Kirkby in Ashfield, Norfolk, Tyne and Wear, Warrington and Scotland and provides a range of ground engineering services to the construction, rail, housing and civil engineering sectors.
The capital Van Elle intends to raise on admission to AIM is yet to be confirmed, as is its market capitalisation, with a further announcement expected later this month.
Val Elle has seen its turnover increase to £84.2m for the year to the end of April 2016, from £45.6m just two years earlier.
Its operating profit stood at £11.1m, up from £3.1m in 2014.
The company’s stock market debut is being led by the Manchester corporate finance community, with Neil Mitchell and Kaine Smith of Rickitt Mitchell acting as lead advisers. Other advisers include Alistair Cree of Eversheds in Manchester and Deloitte Manchester.
