Simplybiz considers sale as one option to raise cash

Simplybiz considers sale as one option to raise cash

Compliance and business support services firm Simplybiz is investigating options, including considering a sale or floating a stake in the group, as it seeks to raise cash to fund growth initiatives.

The Sunday Times reported yesterday (11 January) that chairman Ken Davy was considering selling or floating a stake in the group, with the deal rumoured to be worth about £100m.

In a statement Simplybiz has confirmed it is working with corporate finance advisers BDO to consider future options.

Article continues after advert

It stated that options may include an initial public offer on the Alternative Investment Market, or the sale of a stake in the business to a trade buyer or private equity fund.

The company has grown rapidly since it was founded by Mr Davy in 2002, so the board believe that now is the right time to consider the next stage in its development.

Simplybiz completed three deals in the last 12 months: property valuation firm Home Information Group, wills and probate advisory business APS Legal and Associates, and benefits software business Staffcare.

There are no plans for the management team to change and Mr Davy will remain as chairman of the business, according to the company statement.