Lords Group Trading PLC to join AIM with £150mln price tag
(LON:LORD) joins AIM following a 95p placement that will bring in £30m in new money and £22m for existing shareholders.
Based on the placement price, the construction market is valued at £150m.
Lords specializes in construction, plumbing, heating and DIY supplies that it supplies to local craftsmen, small to medium-sized plumbing and heating merchants, construction companies and the general public in two divisions, with 80% of its sales coming from from the repair, maintenance and improvement (RMI) market,
Trading is focused on the ‘light side’ (building materials and timber) and the ‘heavy side’ (civil and landscaping), through 24 UK locations, while heating and plumbing operate from over nine locations and a nationwide delivery service the following day offer.
Lords was founded over 35 years ago as a family business with its first retail unit in Gerrards Cross, Buckinghamshire and now has 33 locations with a combined turnover of over £288m.
The group aims to become a building materials distributor with £500m turnover by 2024 as it expands its national presence.
Shanker Patel, chief executive, said: “The RMI market in particular has tremendous potential and is supported by a number of growth engines in the short, medium and long term. We look forward to continuing to grow our business as a publicly traded company.”