The UK’s biggest specialist insolvency and corporate recovery practice had originally said that it would float at the end of July.
On Monday last week it suggested that a four-week delay had been agreed. But Accountancy Age has learned the flotation will not now take place until the middle of September.
A statement after the initial delay read: ‘The board has decided to defer the admission of the company to London’s AIM until after the holiday season. Although an acceptable level of demand has been secured to date, a number of key investors have asked for a longer period to allow them to reach an investment decision. Since the flotation of the company is not time critical, those requests have been accommodated.’
Unusually, the group sought to play down the significance of the funds it will raise. The maximum figure it says it is ‘prepared’ to accept is £12m.
If the offer is fully subscribed, the group said it planned to accelerate its ‘core growth objectives’ of new office openings and acquisitions.
The business recovery page returns next month. Next week: audit. For breaking finance news and to sign up for practice and business newswires, go to www.accountancyage.com
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children