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Tekmar Group: 28-year-old leads £65mln float of North East manufacturer

James Ritchie fronted a management buyout of the company in 2011 when he was just 21
cable laying
The business manufactures protection system for subsea cables and umbilicals

North East-based manufacturer Tekmar Group PLC (LON:TGP), run by 28-year-old entrepreneur James Ritchie, made a flying start on its AIM debut.

The shares, priced at 130p each, moved to 140p in the first few minutes of trade.

Headquartered in Newton Aycliffe, County Durham, the company raised £61.8mln, which it will use to expand the business, which manufactures protection system for subsea cables and umbilicals.

Acquisitions on the horizon?

According to reports, around £10mln has been set aside for acquisitions.

Ritchie led a management buyout of the company in 2011 when he was just 21 backed by private equity firm Elysian Capital.

He said: "Today is an historic day for Tekmar, marking the start of the next phase of our planned expansion and development. 

"Being an independent quoted company brings additional advantages and prestige to the group and we firmly believe it will enable us to accelerate our growth and maximise our potential."

 

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Tekmar Group PLC Timeline

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