Ascot Lloyd, the national IFA firm, has announced that it will no longer proceed with its planned listing (IPO), on the London Stock Exchange’s AIM Market for growing and smaller companies, due to current political and economic uncertainty adversely affecting investor sentiment.
It was first reported in August that Ascot Lloyd was planning an IPO this autumn, to further raise funds in order to continue its strategy of growth through acquisition.
However, on Friday afternoon Richard Dunbabin, CEO, (pictured), released a statement to staff outlining a halt to the IPO plan, due to “current fears regarding inflation, interest rates rising and potential economic slowdown”.
Speaking to Gunner & Co., Dunbabin stressed that it’s business as usual, and acquisitions, both planned and new, are still a core growth strategy for Ascot Lloyd.
Investment in acquisitions is paying off for Ascot Lloyd, with the business having scaled considerably over the past three years, and almost doubling annual income in 2015.
In his statement to staff , Dunbabin indicated: “The business is financially strong and growing, and we are considering alternative options in order to enable us to continue to meet our corporate growth objectives in the short to medium term.”
Ascot Lloyd added a South Coast office to its network in August, and £90M in FUM, through the acquisition of Harvard Financial Management, introduced through Gunner & Co.
“Harvard boasts an excellent client base and talented team of advisers and support staff”, noted Dunbabin, “we remain acquisitive and will continue to look for similar businesses that can contribute to our mission of building the UK’s leading national IFA firm.”
“Going forward, an IPO is not off the table, and something to be considered when market conditions are more favourable.”
