We Buy Any Car owner set to float
BCA, the group which owns Middleton-based We Buy Any Car, has unveiled plans to float on the London Stock Exchange. The business is set to raise £200m with its listing and aims to roll-out the We Buy Any Car brand internationally after entering the Netherlands earlier this year.
Used vehicle marketplace BCA, which acquired We Buy Any Car in August 2013, operates from more than 200 sites across Europe, including more than 50 remarketing locations across 13 countries.
It said there is "significant further growth potential" for the group both in the UK and continental Europe.
In additional to overseas expansion, BCA said it is also seeking increased penetration within its existing markets, to roll out buyer finance and expand into new locations.
The group, which is headquartered in Farnham, Surrey, plans to raise £200m and is set to join the stock market in November.
Jon Olsen, chief executive of BCA, said: "The IPO of BCA is a natural development for our business and will provide us with the right ownership base to continue to deliver on our strategic ambitions.
"BCA comes to the market with an excellent track record of growth in revenues, earnings and strong cashflow generation. We are proud of our record as the partner of choice for professional buyers and vendors and our role as the UK's number one vehicle buying service under the We Buy Any Car brand.
"Our strong trading performance so far this year, with continuing growth in our vehicle remarketing division and vehicle buying division, is further evidence of our progress. Everyone at BCA is very excited by the opportunities ahead of us as we continue to grow the business in the 13 markets in which we already operate and into new territories."
Fred Kindle, non-executive chairman of BCA, added: "The business will build on its strong market positions, its digital presence and its trusted relationships with professional buyers and vendors. I believe that BCA has a bright future and that its listing on the London Stock Exchange is the ideal foundation for the group to move to the next stage of its development."
JP Morgan Securities plc and UBS Ltd are acting as joint global co-ordinators, joint sponsors and joint bookrunners; HSBC Bank plc, Jefferies International Ltd and Numis Securities Ltd are acting as joint bookrunners; Rothschild is acting as financial adviser to the company and Linklaters LLP is acting as legal adviser to the company.