Jobtel to float before Christmas
Morgan Brown & Spofforth, the firm leading the accountancy consolidator Jobtel, is set to float before Christmas in a move which would ease market fears over its perceived lack of progress.
The firm has been forced to watch from the sidelines as rival Numerica raised Pounds 50m on the Alternative Investment Market last month, while Tenon’s acquisitions have afforded it top ten status.
However, sources close to the consolidator said they believed Jobtel was on target to float this year, in a bid to raise a ‘token figure’ of between Pounds 5m and Pounds 10m. The plan would then be to demonstrate to the City the success of its model, before returning to raise a larger sum.
‘The firms target has always been to float before the end of the year and there is nothing to suggest this plan has changed. The model will differ from other consolidators, with the directors keeping a tighter control of shares and less going to third parties,’ said a source.
Brokers have long been engaged and the organisation is working towards the move, which it hopes will raise investment capital.
Jobtel aims to acquire firms valued between Pounds 2m to Pounds 10m to create a nationwide network of firms, but appears to have stood still over recent months.
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Consolidator to float this year