SGB set to float at œ130m in June - Mowlem's UK and international scaffolding arm set for independence

SGB, the scaffolding division of John Mowlem is expected to be valued at œ130 million when it is floated next month.

The flotation is being handled by Kleinwort Benson Ltd and is being conducted to give SGB direct access to the capital markets and freedom to manage its development separately from Mowlem.

SGB Group PLC employs approximately 4,000 people, operates from a 68 branch network in the UK and has offices in 20 countries worldwide. For the financial year ended December 31 1996 the group recorded a œ16 million profit on a turnover of œ263.2 million.

There are four divisions of SGB the most profitable of which is the SGB Youngman section which comprises the UK manufacturing and supply operations. The other sections are SGB International, SGB Northern Europe and SGB Southern Europe which made a combined profit of œ7.9 million on a turnover of œ128.3 million for the last financial year.

The majority of SGB International's work is centred in the Asia Pacific region, the Middle East and North America.

Bob Stokell, the Chief Executive of SGB, said: "We are very encouraged with the response so far to the news of SGB's planned flotation.

"The publication of our pathfinder prospectus will further demonstrate the quality of SGB's business and the leading positions the Group enjoys in its marketplaces, both in the UK and internationally."