Simplybiz announces floatation plans

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

Currently, 60% of the company is owned by chairman Ken Davy, while the rest of the company's shares are owned by SimplyBiz's management and their families. The firm is estimated to be worth around £100m.

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.

Simplybiz was founded in 2002 and currently provides financial services to approximately 2,100 firms.

Last week Simplybiz completed the purchase of surveying firm Home Information Group, a move that CEO Martin Reynolds said "forms part of our strategy to create a wider financial services portfolio of companies."

Matt Timmins, Joint Managing Director of the SimplyBiz Group, said:

"SimplyBiz worked with corporate finance advisers BDO when we acquired Staffcare towards the end of 2013, since then we have retained BDO as advisers and have been considering future options for the Group.
 
“In the past 12 months, the SimplyBiz Group has completed three deals, most recently Home Information Group, a panel management and property valuation firm, APS Legal & Associates, a wills and probate advisory business, and Staffcare, a workplace benefits and auto enrolment software business.
 
“The company has grown rapidly since it was founded in 2002, and the Board believe that now is the right time to consider the next stage in the company’s development.

“Future options include an Initial Public Offer (IPO) on the Alternative Investment Market, or the sale of a stake in the business to a trade buyer or private equity fund. Of course, whilst the company explores these options, it is also possible that nothing will happen.

“The management team will remain in place to run the business and Ken will remain as Chairman.
 
"The SimplyBiz Group will use the funds generated to continue to grow the Group, both organically and through acquisition. The Group has grown significantly since 2010 and we plan to continue this rapid growth over the next 5 years.”