Administrator FRP Advisory to float on AIM with £190mln market value

The company will raise £60mln by selling existing shares owned by management, and £20mln with new issues

FRP Advisory

The administrator of bust bakery chain Patisserie Valerie is to list on AIM next month bagging directors and partners £60mln in the process.

FRP Advisory Group PLC, which worked on the administration of clothing firm and retailer Aquascutum, is also raising £20mln in new money with the firm to be valued in total at £190mln.

Chief executive Geoff Rowley and fellow senior executive Jeremey French founded the firm in 2010 and will own 50% of the shares once the firm lists.

FRP Advisory will be AIM’s largest listing so far this year and the ten-year-old company said the offer was oversubscribed and has attracted support from “high quality” institutional investors.

“The initial public offering represents an important next step in our development, which will further enhance our profile and ongoing growth,” said Rowley.

“There are a range of exciting growth opportunities as we continue to grow our office footprint and attract new talent.”

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