Jobtel float imminent.
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, writes Alex Miller.
The firm has been forced to watch from the sidelines as rival Numerica raised #50m on the Alternative Investment Market last month, while Tenon’s acquisitions have afforded it top ten status.
However, sources close to Jobtel said they believe the firm is on target to float this year, in a bid to raise a ‘token figure’ of #5m-#10m. The plan would then be to demonstrate to the City the success of its model, before returning to raise a larger sum.
‘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 aims to acquire firms valued between #2m to #10m to create a nationwide network of firms.