Premier Technical Services Group valued at £45m for flotation

L-R: Paul Teasdale and John Foley, PTSG
L-R: Paul Teasdale and John Foley, PTSG
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Premier Technical Services Group (PTSG) will become the first Yorkshire company to float on the stock exchange in 2015 this week.

The Castleford-based specialist service provider will join the Alternative Investment Market (AIM) on the London Stock Exchange at a market capitalisation of £45.1m on Wednesday February 11.

The firm, which is currently owned by chief executive Paul Teasdale, chairman John Foley and Hawk Investment Holdings, said the deal will enable the business to continue its growth.

A total of 9,615,384 new ordinary shares and 5,769,231 existing ordinary shares will be placed in the listing, priced at 52p. The shares represent around 17.7 per cent of the enlarged share capital.

The initial public offering (IPO) will raise £5m to invest in company growth, PTSG’s listing statement confirmed. The existing owners will received around £3m.

Commenting on the listing, Mr Teasdale said: “Since PTSG was established in 2007, we have grown year-on-year and we want an IPO to not just help us maintain that but accelerate it.

“Floating on the open market is an important step for PTSG, one I believe will hugely benefit the company going forward.

“Having recorded record turnover in 2014, this is an exciting time for everyone connected with PTSG.”

PTSG supplies highly-engineered industrial products and services across four niche business sectors: access and safety, electrical services, high level cleaning and specialist mechanical and electrical services.

The business has around 2,000 contracts, across three and five-year periods, and an 85 per cent annual renewal rate.

PTSG currently holds around 10 per cent market share in each of its principal markets, which the board believes positions it well for growth through acquisitions and cross-selling, the group said.

Mr Teasdale and Mr Foley currently own 35 per cent of the company’s capital prior to the float, while Hawk Investment Holdings owns the remaining 30 per cent.