DIY bid king set for £1.4bn float
ENTREPRENEUR Bill Archer is likely to create a 'do-it-yourself ' fortune of around £300m by floating home improvement group Focus Wickes on the stock market. The listing is expected to value the group at around £1.4bn.
Archer, the founder and chairman, holds a 20% stake. Geoff Wilson, the finance director, is also in line for a big windfall. He is the second-biggest individual investor after Archer.
Duke Street Capital, the biggest shareholder, owns 55% of the company. Its investment is likely to be worth more than £700m.
Archer, a former chairman of Brighton and Hove Albion football club, has earned a reputation as one of the most aggressive players in the industry. He moved into the DIY business 14 years ago with a chain called Choice. His string of takeovers include the Do-It-All chain from Boots, the £289m acquisition of Wickes last year, and the purchase of Great Mills.
Veteran stock market guru Jim Slater is also joining in the springtime float season. The 73-year-old, whose Slater Walker banking group collapsed in 1975, is returning to the City as chairman of BioProjects International. The company plans a £15m float on the Alternative Investment Market. Vantis, a professional services company to be formed out of four accountancy practices, is also floating on Aim for an expected £2.65m.
