Business Week - School firm set for £10m listing boost.
Tribal Group, which trains teachers and advises schools on funding,
‘We’re doing an institutional placing and that is now closed,’ said Henry Pitman, Tribal’s chief executive. ‘So far we’ve had a tremendous amount of interest and we’re very confident.’
Pitman told Accountancy Age the company has raised #10m from the 165p-per-share flotation, adding: ‘The money will be used to repay all the debts within the group, and that will allow us to continue growth through acquisitions and contracts.’
Chartered accountant Simon Lawton joined the company as finance director last March. His past experience was key in his selection after spending 12 years at KPMG.
Tribal’s financial controls are strong, according to Pitman. ‘We have made six acquisitions so far,’ he said. ‘We rapidly moved to putting in group controls into these companies and moving them into a standard control structure.’
The company operates principally in the education sector, training teachers and advising schools on ways to increase funding. Tribal is also bidding for Local Education Authority contracts that administrations offer the private sector.
Tribal’s website is to be re-launched on 23 February at www.tribalgroup.co.uk.