AIM listing of a recruitment company
|
| "Secantor was able to provide me with somebody whom I thoroughly respect and admire enormously. I think has made a huge contribution and I regard him as a massive asset to our company - and a close friend" |
|
Background
In July 2007 the client was looking for someone with the experience to help him float his Soho based advertising recruitment business on AIM.
Issues
- The economic climate started to change rapidly in the autumn of 2007 as the US sub-prime crisis broke, and the client needed to have a particularly robust case to attract funding for the flotation.
- Just four weeks before presentations to investors were due to begin the appointed bank suddenly withdrew its support.
Actions
- A new holding company was formed and another business quickly acquired to bring the client business to a size that could float on AIM
- A wide range of banks were approached following the withdrawal of the original bank, and backing was obtained from two of them
- At a later stage an additional £400,000 was urgently required. This was found within one hour
Outcome
- The company floated successfully in January 2008
- The Secantor FD has been retained as their part-time FD
|
