Hemel Hempstead, Hertfordshire-based F I Group is to offer between 400,000 and 600,000 shares, at UKP2.70 per share, to its employees and their families. The software, services and training company, which turned over UKP21m last year (CI No 1,748), employs two-thirds of its 1,000-strong workforce on a freelance basis, meaning that the family share offer has to be made on the basis of a limited public offer. Individual shareholdings are being limited to 10% to ensure a safe spread of ownership. The offer, which capitalises F I Group at UKP6.2m, states a mimimum subscription of 50 shares, with a value of UKP135. Institutional investors Baronsmead and Rothschild Ventures, who together own 21% of the ordinary shares, are supporting the new workforce control. The share offer arose in anticipation of the retirement in two year’s time of business founder Mrs Steve Shirley. On key issues, employees and current freelancers will have a double vote. F I chief executive Hilary Cropper feels that the company is a long way off being big enough for a listing on the London Stock Exchange, though this may still be an option for the future. And, she says, F I doesn’t need to raise any new capital at the moment; it can readily support the absorbtion of the two acquisitions made earlier this year (CI No 1,695). For the immediate future, F I will be concentrating on expansion, both organic and by acquisition, in the area of training – the training division turned over UKP1m last year. Once the UK operation has grown sufficiently, says Ms Cropper, we’ll think about expansion abroad; no thought has yet been given as to whether this will be onto the continent or across the Atlantic.
