Energy efficiency group to raise 33m with float
 
Thu, 16th October 2014
 
 

Energy efficiency group to raise £33m with float

A Manchester-based home improvement group focusing on energy efficiency products, which has Sale Sharks owner Brian Kennedy as its majority shareholder, has revealed plans to raise £32.8m by going public. Entu, which has 71 offices across the UK, has 365 full time staff and could be worth more than £65m when it joins AIM.

The business sells products such as energy efficient windows, doors, conservatories and external and cavity wall insulation together with solar power generation products and energy efficient boilers.

All of its products are sourced from third party suppliers and manufacturers and its brands include Zenith, Penicuik, Weatherseal, Staybrite Solar, Energy Hypermarket, Job Worth Doing and Europlas.

Entu was founded in 2008 and has grown organically and through acquisitions. It has four business segments and a national installation service which supports all of its operations.

Along with its Manchester headquarters, it has 71 sales and marketing offices across the UK. The company has two service centres in Winsford and Norwich and 14 installation and service centres across England and Scotland.

It employs 365 full time staff and also uses 1,216 self-employed canvassers, 530 self-employed sales agents and 827 self-employed installation professionals.

The business plans to raise £32.8m on admission and have a market capitalisation of £65.6m.

Grant Thornton is the nominated adviser and Zeus Capital is the broker on the IPO. It is set to join AIM by the end of October.

Andrew Jones, director of corporate finance at Zeus Capital, said: "This transaction shows that good quality businesses can come to the market with the right advisers when market conditions are less than favourable."

Addleshaw Goddard, led by corporate finance partner Roger Hart with support from Duncan Wilson and Katie Simpson, acted for Zeus.

 
 
category North West  |  source Insider Media