Fit-out and facilities management company Modus Group is considering floating on the alternative investment market (AIM) following a £16m management buyout.
The buyout, which was completed this week, was led by Toby Benzecry, joint founder of the company. He will now become chief executive. Ashley Davies, his fellow founder, will step down from his role as joint managing director to a non-executive role.
Benzecry said: “We are exploring routes to raise more finance in the medium term. We are looking to grow by acquisition and, to that end, are looking at an AIM flotation.”
As part of a restructure following the buyout, four divisional directors will be appointed to sit on the company’s board.
Benzecry said: “In the past I had ultimate control, but now the senior management team collectively owns more shares than I do, which is much healthier.”
He added that a significant percentage of profit would be reinvested in the company as part of a long-term development plan.
Modus, which employs about 200 people, had a turnover of £95m in the last financial year. The vendors and the management team who bought it out were advised by BDO Stoy Hayward. Funding was provided by Royal Bank of Scotland.
No comments yet