International law firm Addleshaw Goddard has advised one of the UK’s leading construction materials suppliers on its initial public offering (IPO) and admission to the AIM market – a market operated by the London Stock Exchange.
Brickability, which begins trading officially today (29 August 2019), is an exciting new addition to the AIM market and reflects the strong growth of companies in the construction sector. It is also the second IPO on which Addleshaw Goddard has advised this summer.
Led by Murray Jack and Anna Brown, corporate partners in the firm’s Glasgow team, the float demonstrates confidence in the construction sector, despite ongoing Brexit uncertainty.
Brickability will use the finance raised to strengthen its balance sheet by repaying bank debt and existing loan notes, allowing it to continue to grow both organically and by acquisition to support market consolidation and geographic expansion.
The AIM listing sees the company valued at £150 million, having raised £57 million. Although Bridgend-headquartered, the Company operates across the UK and the Brickability management team recognised the expertise and experience of Addleshaw Goddard’s Scottish team, which also advised on the recent IPOs of The City Pub Group and Ramsdens.
Murray Jack, corporate partner for Addleshaw Goddard, said:
“Brickability demonstrates that, despite wider uncertainty in the market and, as a result, a reduced number of AIM IPO's this year, businesses with solid balance sheets, and strong fundamentals are attractive to investors. The business is well-positioned to continue to grow in an environment where there is increasing demand for more homes across the UK.
“The positive response from investors to this IPO demonstrates there is confidence in the company and the sector in which Brickability operates. For businesses looking to raise their profile and unlock finance for growth, listing on the public markets presents a significant opportunity.”
Alan J Simpson, Chief Executive of Brickability, added:
“Addleshaw Goddard’s team in Scotland has a depth of experience and knowledge in advising large businesses on flotations, and specifically onto AIM. The team’s pro-active support in guiding us through the legal process and providing the commercial advice to get us to market was crucial in enabling us to reach our goal.
“The IPO will provide a platform for our strong management team to drive forward our ambitions for growth, enabling us to expand our presence in key geographies, increase our range of suppliers and invest in our service offerings.”