Newspaper article The Evening Standard (London, England)

Rush to Market Begins with Challenger Bank Aldermore

Newspaper article The Evening Standard (London, England)

Rush to Market Begins with Challenger Bank Aldermore

Article excerpt

Byline: Nick Goodway

A SURGE of floats on the London stock market began today with Aldermore, the challenger bank which could be valued at up to PS900m.

It is set to be followed, probably later this week, by luxury shoe firm Jimmy Choo and roadside rescue company RAC, valued at some PS800 million and PS1.5 billion, respectively.

Aldermore plans to raise PS75 million in new cash while original private equity backer Anacap, other later investors and management, led by chief executive Philip Monk, could sell shares worth PS200 million.

Recent backers Toscafund and Lansdowne plan to increase their current 8.3% shareholding by buying shares in the float.

Aldermore will join TSB and OneSavings, which floated in the spring, and Virgin Money, which is looking to float later this year, as listed challengers to the big high street banks.

"We are not a start up but a mature profitable business," Monk said. "Now is absolutely the right time to access deeper pools of capital and bring in a wider range of shareholders. …

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