Diversified financial services provider and retailer Ramsdens was successfully admitted to AIM yesterday, advised by Scottish law firm HBJ Gateley.
The AIM market is operated by the London Stock Exchange and helps smaller and growing companies raise the capital they need for expansion.
Middlesbrough-based Ramsdens, which can trace its roots back to the 1970s, operates 127 retail outlets across the UK, as well as a growing online offering.
Last year the group supported more than 700,000 customers with a range of financial services including foreign currency exchange, pawnbroking loans, precious metals buying and selling, and retailing of second hand and new jewellery.
The initial public offering (IPO) is seen as a crucial step in Ramsdens’ expansion strategy which includes an increase in the number of UK branches and growth and improved online performance.
Peter Kenyon, Ramsdens CEO, said: “The team at HBJ Gateley has provided key support to Ramsdens as we have implemented our expansion plans. The team was instrumental in guiding us through the IPO process and we have always found them to be commercial, practical and solutions-focused.”
The advice was led by Edinburgh-based Andy Ley, and Glasgow-based Anna Brown, partners in HBJ Gateley’s corporate team. Both have extensive experience of a range of corporate deals including AIM IPOs and other public company transactions.
Ramsdens is a longstanding client of HBJ Gateley, dating back to the company’s expansion into Scotland in 2009.
Andy Ley said: “Ramsdens is a significant provider of financial services to a growing and UK-wide customer base. The group has experienced strong performance, particularly in its foreign exchange services and, through this IPO, is in an excellent position to capitalise on further growth opportunities.
Anna Brown said: “There was significant interest and support for the company in the move to the public markets and its growth strategy. The public markets have remained buoyant through the recent significant political decisions and changes, both in the UK and globally. They provide a major source of capital for growth companies and, in Ramsdens’ case, also provided an exit for a substantial part of the holding of NorthEdge Capital who supported the management team in its MBO in 2014.”
