Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Parkman flotation aims to raise £10M

CONSULTANT PARKMAN is expected to raise £10M by floating on the London Stock Exchange at the end of this month.

Cash raised through the flotation will be used to clear the £6M debt racked up by last year's management buyout (NCE 18 May 2000).

The remaining £4M will be used to edge Parkman into larger scale infrastructure projects, increase its asset management activities and finance acquisitions, said executive chairman Richard Archer.

The firm, which last year saw turnover increase by nearly 12% and profits double, wants to strengthen its position in managing outsourced local authority housing and property. It is also chasing increased workload in the road and rail sectors, defence and education.

Parkman is expected to be capitalised at between £45M and £55M. Sponsor and stockbroker is Hoare Govett.

The firm made pretax profits last year of £1.8M on £35.8M turnover.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.