Numerica 'rejected' top 20 firm
Accountancy consolidator Numerica today revealed that it rejected an offer from a top 20 accountancy firm 'bigger' than Levy Gee, which wanted to be the cornerstone of the group.
Speaking at Numerica’s Pounds 30m launch on the Alternative Investment Market, chief executive Tony Sarin said the group had rejected the offer, deeming the firm less entrepreneurial than Levy Gee, which Numerica eventually chose.
The group also today unveiled its audit arm, AV audit (short for added value), which is owned by ‘responsible individuals’ who will work part-time for the audit arm and part-time for Numerica.
Numerica’s share price was set at 100p – valuing the company at Pounds 46.1m. The group, which will expand its practice by acquiring firms around the central hub of Levy Gee and through organic growth, said dealing will begin next Tuesday.
The group has already bought the non-audit businesses of Levy Gee, Jayson Newman and NMGW for Pounds 24m, while turnover of the combined firm was Pounds 28.1m last year.
Numerica has also agreed a revolving credit facility worth Pounds 16m with ‘one of the major UK clearing banks’, the identity of which will be revealed next week.
Group CEO Tony Sarin said: ‘The flotation of Numerica Group will not only raise our profile and position in the marketplace but also assist us in our plans to achieve a controlled organic growth and enlarge the scope of the business through acquisitions.’
The group said it is in acquisition talks with eight accountancy firms, and is aiming to achieve a turnover of Pounds 70m by 2003.
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Numerica to trade shares next week