Contractor aims to put Inspace arm on Stock Exchange
Contractor Willmott Dixon is set to float its support services arm Inspace, valuing the business at around £100m.
At an extraordinary general meeting, held at the end of December, Willmott Dixon’s shareholders agreed to float Inspace, which employs 900 people on the Alternative Investment Market (AIM).
If the listing is successful, the Willmott and 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 has four divisions, but its biggest growth area is Inspace Partnerships, its social housing arm. It was created two-and-a-half years ago and has since secured a large amount of work maintaining social housing for local councils.
It accounts for around £80m of Inspace’s estimated sales of £130m.