PracticeConsultingSchool firm given £10m listing boost

School firm given £10m listing boost

Tribal Group, which trains teachers and advises schools on funding, today floated a quarter of its business on the London Stock Exchange's AIM market.

Tribal’s share price began trading at 223p and reached 228p by lunch time today.

Chief executive Henry Pitman told AccountancyAge.com the company has raised Pounds 10m from the 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.

Links

Tribal website

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