London Stock Exchange welcomes Franchise Brands
London Stock Exchange today welcomes Franchise Brands PLC (FRAN.L), the international multi-brand franchisor, upon its admission to AIM following a successful fundraising through which it raised £3.5 million.
Franchise Brands is a group of international multi-brand franchisors with a combined network of over 350 franchisees in 12 countries, but predominantly in the UK. Its current brands are ChipsAway (mobile car bodywork repairs), Ovenclean (mobile domestic oven cleaning) and MyHome (premium residential house cleaning) all of which deliver services to individuals of a similar socio-economic group through the Group’s franchisees.
Founded in September 2008 by Stephen Hemsley (Executive Chairman) and Nigel Wray (Non-Executive Director), who have substantial experience in franchising through their involvement with Domino's Pizza, Franchise Brands has a highly experienced management team and Board with extensive expertise in franchising, operating and growing profitable businesses and investigating acquisition targets.
The funds raised, along with Franchise Brands’ existing cash resources, will be used for business expansion in line with its strategy to grow by selective acquisition of franchise businesses that provide services to individuals and SMEs, supplementing organic growth.
Stephen Hemsley, Executive Chairman, commented:
“Today marks a major milestone for Franchise Brands. Since 2008 we have built a profitable, cash generative business with a highly professional and scaleable central services platform. The flotation will allow us to capitalise on this strong foundation by both growing our existing businesses and acquiring complementary franchise brands.
“With our clear growth strategy and a highly experienced management team and Board, we are looking forward to the next phase of the Group’s development as a listed company.”
Allenby Capital Limited has acted as nominated adviser and joint broker and Dowgate Capital Stockbrokers Limited has acted as joint broker.