Online building materials retailer CMO Group PLC says it plans to float on London’s AIM market next month with a placing of existing and new shares.
Owner of seven building materials websites, roofingsuperstore.co.uk, drainagesuperstore.co.uk, insulationsuperstore.co.uk, doorsuperstore.co.uk, tileandfloorsuperstore.co.uk, cmotrade.co.uk and totaltiles.co.uk, the group says it is the UK's largest online-only operator in the sector.
With over 350 suppliers, the product catalogue of over 75,000 products is, CMO says, the largest in the sector “by a considerable margin”.
Originally founded as Construction Materials Online 12 years ago, the company’s pitch to investors is that its asset-light and low-cost operating model is profitable and delivers strong cash generation.
Chief executive Dean Murray, who has been on the board of music retail disruptor Gear4Music since 2012, joined as chairman in 2017 and moved to his current role last month. He is being joined on the board by City veteran Ken Ford as chairman ahead of the float.
Liberum Capital will be its AIM Nominated Adviser and will be sole bookrunner in for the admission.