Liberum looks to 'big ticket' funding for region's firms

The bank, set up by Shane Le Prevost, former chief executive of broker Collins Stewart, has hired Gary Taylor and Peter Rowe from CBF Capital to set up the Leeds branch as it seeks to win business in fundraising, research and sales. Liberum has capped salaries at 150,000 but said it offers discretionary bonuses.

Mr Taylor, who has 20 years' experience in corporate finance and has previously worked in Leeds for accountants PricewaterhouseCoopers and stockbroker TD Waterhouse, said it would offer a "different corporate culture compared to the traditional investment banking structure".

He added: "I think there is a backlog of potential equity fundraising across the North of England. We are aiming for the big ticket fundraisings and we can enhance the reputation of Leeds as a financial services centre."

The target market for the Leeds office, which is based at No 1 City Square and is officially launched today, is public and privately-owned companies based in the North which are looking to raise equity between 25m and 100m.

Its team carry out work in sales and trading in small-to-large cap European equities and investment funds, initial public offerings (IPOs), secondary offerings, provide advice on general corporate and mergers and acquisitions and carry out research.

Liberum's activity in the North this year has included raising 83m for an IPO by Daisy Group in Nelson, Lancashire and acting as corporate broker to Hull telecoms group KCom. It aims to work with firms across the sectors in this region.

Mr Rowe said: "Locally we are seeing good quality companies coming through the recession with strong franchises. Where management want to pursue growth and require capital, we can provide access to high quality institutional equity via IPO or private placement."

The bank, which began trading in September 2007, is entirely owned by staff and Mr Le Prevost is the primary funder.

It has grown quickly to become the adviser or broker to 25 UK listed companies.

Mr Le Prevost said he wanted the Leeds opening to mark a shift in corporate financing.

"It has been a long-standing tradition that London investment banks expect regional advisers and companies to complete large IPO transactions in the City. I would like to see this culture change and for regional advisers and companies to benefit from our investment in opening a Northern office in Yorkshire."

Liberum, which means "independent" in Latin has 140 staff with offices in London and New York. Its results for the first six months of this year showed revenue of 20m and a pre–tax and pre-bonus profit of 7.5m.