30th Oct 2008 08:00
Press Release | 30 October 2008 |
Mountfield Groupplc
("Mountfield", the"Group" or the "Company")
First day of dealings on AIM
Mountfield Group plc, a providerof integrated specialist construction support services, todayannounces the commencement of dealings in its Ordinary Shares on the AIM market ofthe London Stock Exchange plc ("AIM"). The stock market EPIC is MOGP. DanielStewart & Company plc is acting as Nominated Adviser and Broker to Mountfield Groupplc.
Statistics
Number of Ordinary Shares in issue at Admission | 169,558,520 |
Issue Price of Ordinary Shares at Admission | 10 pence |
Market Capitalisation of the Company on Admission atthe Admission Price | £16.96 million |
Mountfield's three integrated subsidiaries delivera range of construction and property services to the private sector. The principal businessesspecialise in the design, installation andfitting out of commercial office buildings and data centres. The Groupintends to acquire additional businesses that will add further complementaryservices and cross selling opportunities.
Graham Read, Chief Executive of Mountfield Groupplc, said: "There is great value for us in joiningthe AIM market soI am delighted at this successful admission which will enhance ourcommercial profile in the sectors inwhich we operate. Itprovides us with a means to acquirecomplementary businesses and beingquoted on AIM will provide a wayin which to incentivise bothexisting and prospective subsidiary company managers. Such acquisitionswill be a fundamental component of ourstrategy. We are seeing an increased demand for secure data centresin the UK and elsewhere and so we are well placed to maximiseon this growth."
- Ends -
For further information:
Mountfield Group plc | |
Peter Jay, Executive Chairman | Tel: +44 (0) 20 73987714 |
Graham Read, Chief Executive Officer | www.mountfieldgroupplc.com |
Daniel Stewart &Company Plc | |
Paul Shackleton / Oliver Rigby | Tel: +44 (0) 20 77766550 |
www.danielstewart.co.uk |
Media enquiries:
Abchurch | |
Stephanie Cuthbert / JackBallantyne | Tel:+44 (0) 20 7398 7714 |
www.abchurch-group.com |
Notes to Editors:
Mountfield Groupis a provider of specialist construction and property services to theprivate sector. The Group's principal activity is the internal constructionand fit out of data centres for a number of industry sectorsincluding telecoms and IT. Mountfield consistsof three integrated businesses employing approximately 70 specialisttradesmen. The current subsidiaries thattrade under the parent Company, Mountfield Group plc, are; Mountfield Building GroupLimited, Mountfield Land Limited and Connaught Access Flooring Limited. The Group intends to acquire additional businesses that will add furthercomplementary services and cross-selling opportunities toboth the private and public sectors.
At Admission the Group's activities comprise:
· | Design and nationwide installation of environmentallycontrolled data centres. |
· | Buildersworkpackages on commercial IT facility buildings. |
· | Installation of specialist access flooring to datacentres, disaster recovery centres and commercial office buildings. |
· | Fitting out and refurbishment of commercial officebuildings, hospitals and education facilities. |
· | Specialist bespoke hard flooring finishes includingtimber, stone and ceramics. |
· | Site assembly for residential and commercial developments. |
Mountfield Building Group
Establishedin 1987, the company has two divisions; direct contracting and trade contractingservices. The direct contracting division works as the main contractor with the enduser clients such as Cable and Wireless. This divisionspecialises in the nationwide installation of data centres for large companies. Thetrade contract division delivers specialist building work and multi-tradepackages and refurbishment for main development contractors including ISG PLC andSkanska.
Connaught Access Flooring ("Connaught")
Formed in 1992, Connaught isa provider of flooring systems to both main contractors and corporate end users. The companyhas established itself as one of the few recognised specialists for fitting commercialoffice space for corporate end users. It has deliveredfit out and refurbishment projects for end users such as Standard Chartered Bank,and Unilever plc.
Mountfield Land
Mountfield Land sourcesand enhances the value of land before selling its interest to developers. Thecompany develops brownfield sites and residentialgardens and/or private dwellings to create residential development opportunities.It does not purchase the sites, instead it seeks an option over the site and a shareof the completed value of the land before it assigns the options to a developer,housing association or registered land owner.
Financials
For theyear ended 31 December 2007, Mountfield Building Group generated revenues of £11.3million and a profit before tax ("PBT") of £1.1 millionand for the six months ended 30 June 2008 generated revenues of £10 million and PBT of£1.2 million. For the year ended 31 March 2008, Connaught Access Flooring HoldingsLimited generated revenues of £8 million with PBT of £1.4million. Mountfield Land Limited was incorporated in February 2008 and is yet tocontribute to the Group.
Market and strategy
The Group's principal companies have extensiveand recognised experience in theinstallation of data centres and associated specialist works. The Directors believe that this is a marketplace that is growing rapidly andthat the Group is well placed to benefit from such growth because of its established clientbase and its reputation for delivering qualitywork within agreed contractual times.
In addition, the Group intends to identify targetsectors in the commercial fieldinto which it can extend its current business model including the fitting out and refurbishment of office buildings and generalbuilderswork packages.
The Group will also seekto develop and grow new businesses organically by the creation of new internal divisions that do not require externalfunding. The Directors intendto create a labour supply/site logistics service which would benefit all companies within the Group and to alsoseek opportunities to provide labour tomajor projects such as the London 2012Olympic and Paralympic Gamesand King's Cross Central development.
Further information on Mountfield Groupplc can be found at www.mountfieldgroupplc.com
Directors
Peter Harry Jay - ExecutiveChairman (aged 63)
Peter qualified as a solicitorin 1970 and was a partner in Ingledew Brown Bennison & Garrett from 1974 until 1985when he left to become a founding partner of Stein Swede Jay & Bibring, whichlater became Finers Stephens Innocent. Peter was seniorpartner of the firm between 1999 and 2002 and in that capacity was responsible forundertaking a number of mergers and acquisitions for the practice.
As a lawyer, Peter has specialised incorporate work and, in particular, on AIM and PLUS Marketlistings.
Between2003 and April 2007 Peter was a partner in Beachcroft LLP where he was responsiblefor building its AIM presence. InApril 2007 he retired as a partner and a solicitor and is now a consultant to thatfirm. Peter has held a number of directorships with both private and public companies,including Sportingbet plc, Top Ten Holdings plc and is currently non-executive directorof YCO-Deuxmil plc and Interactive Publications Plc.
His executive role within the Group willinclude responsibility for its corporate finance functions.
Graham Read MCIOB, RICS -Group Chief Executive (aged 51)
Prior to the acquisitionof Mountfield by the Company, Graham was the chief executiveand sole shareholder of Mountfield. He started his careerin 1976 as a Quantity Surveyor for Taylor Woodrow Construction Limited ("TaylorWoodrow"). By 1986, when he left the company, he hadbecome Commercial Manager for Taylor Woodrow's management contracting division wherehis responsibilities included:
· | Cost/value reports on projects; |
· | Board statement/guidance/training of surveying membersof staff; |
· | Client negotiationand settlement of contracts; and |
· | Financial agreement of final accounts with clients cost consultants |
In 1986 he founded Mountfield as a trade contractor specialisingin brickwork and plastering subcontracts.
In the following year he identified the need for specialist buildersworkcontracts to operate on fitting out projects and the company offered multi tradeservices to the leading main contractors.
Andrew Collins - Executive Director (aged 44)
Andrew'sbackground is in surveying and he has held a number of senior posts with companiesspecialising in refurbishing and fast track fit outs. In1989 he joined ISG Plc, which specialises in commercial fit outs and refurbishmentservices, as a senior quantity surveyor. When he leftthe company in 2004 he held the post of divisional financial director.
Andrew became Managing Director of Connaughtin June 2004 where he has developed the reputation of the company such that it isnow regarded as recognised specialists in the supply and installation of raised accessflooring, primarily for commercial offices and data centres.
Rakesh Patel, BA Econ, FCCA,CF - Finance Director (aged 44)
Rakesh joined GeraldEdelman, a firm of chartered accountants in London in 1988and qualified as a Chartered Certified Accountant in 1991. In1992 he formed the corporate finance division, dealing with acquisitions, disposals,mergers, private placings and stock market flotations. Rakesh was involved in advisingon the acquisition of Ryman the Stationer and left the firm in 1996 to become GroupFinancial Controller of Chancerealm Limited, a group including Ryman Limited andContessa Ladieswear Limited. Rakesh returned to GeraldEdelman in 1997 as a partner to head the firm's corporate finance division until15 leaving in March 2003 to join Adler Shine LLP, chartered accountants as a Partner. Rakeshis on the board of two AIM listed investing companies.
The Rt Hon Sir Jeremy HanleyKCMG- Non-Executive Director(aged 62)
A Chartered Accountant,Sir Jeremy has carried on a wide-ranging commercial life since retiring from politicsin 1997. Previously he was Member of Parliament for Richmond andBarnes from 1983-97, and a Government Minister for over seven years. Hisposts included: Cabinet Minister without Portfolio whilst Chairman of the ConservativeParty, Minister of State for Foreign Affairs (responsible for Hong Kong and the MiddleEast), Minister of State for the Armed Forces at the Ministry of Defence and UnderSecretary for State for Northern Ireland as Minister for Health & Social Services,Minister for Agriculture and for Education and Political Development.
He qualified as an FCA (1969), FCCA (1980)and FCIS (1980) and was Senior Lecturer in Law with the Financial Training Co. for21 years, becoming Deputy Chairman. He now serves on theBoards and Audit Committees of a number of quoted and unquoted companies, includingcurrently Willis Group Holdings Inc, Lottomatica SpA., Nymex London Ltd, LangbarInternational plc, Onslow Suffolk Ltd and Blue Hackle Ltd after serving with CreditLyonnais, Nymex Europe, CSS Stellar (and PFD) Ltd and GtechInc. He is a consultant to ITE Group plc, and having led17 high level trade missions in recent years to eight countries; he is a consultanton trade in the Middle East and Asia and a director ofthe Arab British Chamber of Commerce.
Related Shares:
MOGP.L