Styles&Wood to float on Stock Exchange on 7 November

Styles&Wood is to float on the Stock Exchange. The shares, oversubscribed two-and-a-half times, have been priced at 150p, giving the group a market capitalisation of £97m.

The group’s revenue (previously known as turnover) is expected to hit £260m this year, with the pre-tax profit forecast standing at £7.5m. As at 8 October, close on 100% of forecast revenue for 2006 had been secured through signed letters of intent.

Gerard Quiligotti, chairman, said: “This is the next phase in the group’s development. We have enjoyed 12 years of unbroken growth in revenue and profits and the business is in excellent shape.

“As market leaders we are well placed to continue this growth by building on the relationships we have developed with our customers.”

S&W has four operating divisions: StoreFit, StorePlanning, StoreCare and StoreData.

Key customers are mainly in the retail and banking sectors. They include Argos, Barclays, HSBC, Tesco and Waitrose.

The flotation has generated £16m of new money, which is available to chase acquisitions and to pay down debt.

Dealings in S&W shares are expected to commence on Tuesday 7 November.