Marshall Motors raises £40m via AIM IPO
Marshall Motor Holdings has raised £40 million from investors and confirmed its AIM IPO with shares starting trading this Thursday (April 2).
The company will float at 149p per share and its approximate market capitalisation is £115.1m according to figures published on London Stock Exchange. Management had pre-agreed only to float if a certain financial target was met.
Sir Michael Marshall, chairman of Marshall of Cambridge (Holdings) Ltd said: “This is an exciting day for Marshall. We are proud to have nurtured our motor businesses for more than 105 years since they were founded by my grandfather in 1909.
“We are delighted now to see them become a free‐standing, independent company and we look forward to watching their progress. We wish everyone in Marshall Motor Holdings all the very best for the future.”
Robert Marshall, chief executive of Marshall of Cambridge (Holdings) Ltd added: “We are absolutely committed to supporting the development plans of all Marshall companies in the long term.
“This flotation will benefit Marshall Motor Holdings and will also allow us to concentrate our internal resources on investing in the ambitious plans we have for our engineering businesses.”
Marshall of Cambridge (Holdings) Ltd continues to be the majority shareholder in MMH, which will now operate on a day‐to‐day basis as an independent company subject to the AIM rules.
Marshall was founded in Cambridge in 1909 by David Marshall MBE, as a chauffeur drive business before moving into the retail motor industry in 1912.
The company first entered aviation in 1929 when it opened its first aerodrome, before moving to its current site in 1936. Marshall Motor Holdings comprises Marshall Motor Group and Marshall Leasing.