Wilmott Dixon will raise around £30m floating its support services business on the Alternative Investment Market.
Wilmott Dixon is to float its support services business Inspace on the Stock Exchange’s Alternative Investment Market in May.
Inspace was de-merged from Wilmott Dixon in January 2005. It had a pre-tax profit of £6.3m for the year ended 31 December 2004 and a turnover of £107.3m. The current order book stands at £300m.
The decision to float was agreed by Wilmott Dixon shareholders at an extraordinary general meeting, held at the end of December.
Inspace is looking to raise £30 million and upon Admission will be market capitalised at £86 million.
Willmott Dixon families, as well as shareholders, are set for a windfall. The move is part of Willmott Dixon’s plan to focus on construction and development, particularly in social housing.
Inspace chief executive Colin Enticknap said: "Inspace is a strong business with a great bunch of people, operating in a growth sector for high quality customers. The AIM lising is an important step for the whole team, and instrumental in helping to unlock our growth plans."
Inspace has four divisions, but its biggest growth area is Inspace Partnerships, its social housing arm. It also provides a maintenance support service to the corporate and public sectors.