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SimplyBiz won't rule out floating

SimplyBiz won't rule out floating

The SimplyBiz Group has said it is exploring ways of financing its growth and has appointed a company to advise it on this.

The support services provider has not commented on whether this will include floating on the London Stock Exchange but Reuters has reported it is considering this option.

The report suggested the Huddersfield-based company could be valued at more than £150m if it was listed.

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In a statement, a spokesman for SimplyBiz said: "The SimplyBiz Group is a successful private business and has a clear and ambitious growth strategy, with an experienced management team in place to deliver it.

"As part of that growth strategy, it regularly reviews its strategic options in terms of financing and has recently appointed Zeus Capital as an adviser to the business."

SimplyBiz considered floating in 2015 but opted for other forms of funding instead.

If SimplyBiz were to float it would be joining a queue of companies in the financial advice sector looking to be listed on the London Stock Exchange.

IntegraFin Holdings Limited, parent company to adviser platform Transact, has confirmed it will be going ahead with plans to float this year, while restricted national Sandringham Financial Partners has said it wants to float in the next few years.

SimplyBiz was launched in 2002 and provides support services to around 3,500 firms.

In its most recent results, the company posted an operating profit of £4m for 2016.