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Lavendon to float
00:00 29 Aug 1996
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by Ian Brown Lavendon Group, better known as Nationwide Access, is
to go for an Autumn flotation on the Stock Exchange.
The move is expected to value the group at around œ30 million and will raise around œ12 million for the company to finance expansion.
It will also net chairman David Price up to œ6 million. He invested œ300,000 to buy the company in 1992 with the help of venture capital specialist CIN-Ven.
Price denied the œ6 million figure, saying: "I really don't know where that one came from. We intend to expand our UK depot network from its present 14 up to 20 and the fleet from 1,100 machines to around 2,000.
"We are also looking hard at Europe and further afield. If manufacturers can cross boundaries then why not big hirers?"
The move is expected to value the group at around œ30 million and will raise around œ12 million for the company to finance expansion.
It will also net chairman David Price up to œ6 million. He invested œ300,000 to buy the company in 1992 with the help of venture capital specialist CIN-Ven.
Price denied the œ6 million figure, saying: "I really don't know where that one came from. We intend to expand our UK depot network from its present 14 up to 20 and the fleet from 1,100 machines to around 2,000.
"We are also looking hard at Europe and further afield. If manufacturers can cross boundaries then why not big hirers?"
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