Davenham Group plc, the niche provider of asset-based specialised finance solutions to the UK small and medium-sized enterprise (SME) market, plans to seek a listing on the London Stock Exchange during October.
The company had revenues of Ј9 million for the year ended 30 June 2001 and pre-tax profits of Ј1.95 million.
Since being founded in 1991, Davenham has provided more than Ј750 million of funding to SMEs in the UK and grown its loan portfolio from Ј6 million to Ј50 million by June 2001.
The placing is to be sponsored by Beeson Gregory, who are also brokers to the company.
Formed from an MBO, led by current Chief Executive Colin Davenport and Finance Director Mike Hamlyn, from Burns Anderson Group, Davenham was subsequently acquired by Bank of NT Butterfield & Son Ltd in 1996. A change in Butterfield’s strategy to focus on offshore business led to a second MBO by the original management of Davenham in 2000.
