Marshall Motor Holdings, a UK automotive retail and leasing group, lists on AIM and raises £40M
Marshall Motor Holdings (MMH) joined AIM through a placing of 26,845,638 new ordinary shares at a price of 149 pence per share.
On admission the Company had a market capital of approximately £115 million and has 77,236,263 ordinary shares in issue.
The Company’s oversubscribed IPO successfully raised approximately £40 million before expenses and these funds will be used to accelerate growth through the funding of acquisition opportunities and to invest in existing operations.
Marshall Motor Holdings is a top 10 UK automotive retail and leasing group which operates 71 franchise dealerships representing 24 different manufacturing brands. It is the only dealer group in the UK to represent all of the top five prestige brands (Audi, BMW, Mercedes Benz, Land Rover and Jaguar) and all of the top ten volume brands (Ford, Vauxhall, Volkswagen, Nissan, Peugeot, Toyota, Citroen, Hyundai, Kia and Skoda.)
In 2014 MMH sold more than 57,000 new and used vehicles and in the same year generated turnover approaching £1.1 billion and profit before tax of £12.9 million.
Daksh Gupta, CEO of Marshall Motor Holdings said:
“Our admission to AIM represents a significant milestone in Marshall Motor Holdings’ development. We have been delighted by the investor support for our IPO and I would also like to place on record our gratitude for the support over 100 years of Marshall of Cambridge. There are many exciting opportunities ahead for MMH and all of our people.”
Investec is the nominated advisor and broker. The lawyers on the IPO were Dentons and Simmons and Simmons. Ernst and Young acted as accountants and Hudson Sandler as financial PR advisor.
Source: Press Release