SimplyBiz completes £130m IPO
SimplyBiz, the business advisory firm set up by the chairman of the Huddersfield Giants Super League Club Ken Davy in 2002, has completed its £130m listing on the London Stock Exchange, including a £65m fundraise.
Headquartered in Huddersfield, the compliance and support services business, based at The John Smith’s Stadium in Huddersfield, employs more than 400 staff, with revenues rising from £12m to £44m since 2010.
The deal sees nearly 50% of company shares held in public hands, with the placing raising £30m for the company and a further £35m for selling shareholders.
Matt Timmins, joint chief executive of The SimplyBiz Group, said: “Our business has evolved significantly since 2002 and we are now the UK’s leading provider of compliance and business services to directly authorised financial advisers. Through our entrepreneurial culture and clarity of strategic vision we have become a disruptive force in financial intermediation, building a membership base of over 3,400 adviser firms and associated proprietary network of 135 financial institutions.”
Neil Stevens, joint chief executive, SimplyBiz Group, said: “Our IPO on the London Stock Exchange will further raise the profile of The SimplyBiz Group, providing additional momentum to our growth strategy and enabling us to put in place additional incentive schemes for our staff. We will remain focused on delivering high quality solutions for our customers and continuing to support them in all aspects of running a compliant and successful advice business.”
Investment bank Zeus Capital led the transaction, acting as nominated adviser (NOMAD) and sole broker to the company.
Zeus Capital’s Dan Bate said: “We are extremely pleased to have worked with the SimplyBiz team and the wider advisory teams to bring this well-established Northern business to market.
“With the strength and depth of the management team, the IPO positions the group to build upon its historic success, by deleveraging the balance sheet and supporting the company’s long-term strategic growth plans, while enhancing its public profile.”
