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February 27, 1997updated 05 Sep 2016 1:06pm

DIRECT RIVAL HARVEY NASH GROUP AIMS FOR LONDON LISTING

By CBR Staff Writer

Small UK companies are flooding to market ahead of the General Election, and the latest to dip a toe in the water is recruitment consultant and computer staff services company Harvey Nash Group Plc, which is a direct competitor for Delphi Group Plc. The company has appointed NatWest Markets Corporate Finance Ltd as sponsor and Cazenove & Co as broker to the possible flotation. The company specializes in providing information technology professionals for permanent and temporary contracts, and employs 144 staff in London, Birmingham, Stuttgart and Zurich. Group revenue is expected to exceed 35m pounds this year. The company plans to go public via a placing and is thinking in terms of a valuation of about 45m pounds. David Treacher, David Higgins, Tom Crawford and John Harvey started the business with capital of 60,000 pounds in 1988. It plans to raise 15m pounds in the placing, leaving the three remaining founders – John Harvey was bought out in 1993 – with two thirds of the equity, worth about 30m pounds. They will also be the source of most of the shares in the placing but some new money will be raised to cover the costs of the issue and for working capital.

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