A window company with a big factory in Wombwell intends to raise £70m by floating on the Alternative Investment Market.
Safestyle UK is the largest manufacturer of replacement PVCu windows and doors, producing 232,000 frames last year and carrying out more than 50,000 installations.
For the six months to 30 June 2013, revenues were £62.6m and pre-tax profit was £7.8m. The company is headquartered in Bradford and has 10 depots and 29 sales offices throughout the country.
Chief executive Steve Birmingham said: “This marks a major milestone for Safestyle which we believe will increase the profile of our business, provide further credibility to our leading offering and enable us to put in place share incentive plans for staff whose dedication and hard work has contributed significantly to the success of our company. We are ideally positioned to capitalise on future growth opportunities and we are looking forward to a successful future as a public company.”
The business had been successful in the Home Counties but there was potential in Greater London and other parts of the South and South East of England.
On admission to AIM the Safestyle board will comprise Steve Halbert (non-executive chairman), Steve Birmingham (chief executive), Mike Robinson (finance director) and Chris Davies (non-executive). Following the placing, management will hold approximately 10 per cent of issued ordinary share capital.
The company is being advised on its flotation on AIM by Zeus Capital. KPMG supported the transaction with corporate finance, transaction services and tax advice. DLA Piper acted as legal advisers to the company.